Reconciliation in QuickBooks is processed to ensure that your account shows correct business transactions. If you have reconciled your transactions previously but it reflects incorrect balance in the coming reconciliation, it means that your account has reconciliation discrepancies.
Reconciliation discrepancies in your account can occur due to one of the following reasons:
- You made some modifications in the previously reconciled transactions or you deleted or added them.
- Reconciliation adjustments (Journal entries, etc.)
How To Resolve Reconciliation Issues
You can perform the steps provided in this article as per the cause due to which the error is occurring.
Modified, Deleted, Or Added Transactions
Reconciliation Discrepancy Report: This report reflects transactions sorted as per the dates that you modified since the last reconciliation.
- From the main menu of QuickBooks, go to Reports > Banking > Reconciliation Discrepancy.
- Select the account in which the discrepancy occurring and then select OK.
- Check the report to see if any discrepancies are still there or not.
Missing Checks Report: This report helps you verify missing transactions.
- From the main menu of QuickBooks, go to Reports > Banking > Missing Checks.
- Select the account in which the checks report missing and then click on OK.
- Check the report to find the transactions don’t match with your statement.
Transaction Detail Report: This report allows you to validate transactions that were changed or modified.
- From the main menu of QuickBooks, go to Reports > Custom Reports > Transaction Detail.
- Navigate to the Display tab and select the following options:
- Date From = the earliest QuickBooks date (or leave blank)
- Date To = The date of last reconciled statement
- Navigate to the Filters tab and select the following options:
- Account = the account being reconciled
- Entered/Last Modified
- Date From = Date of the last reconcile Date To = Today
- Click on OK to run the report.
For more info, you can visit: How To Reconcile Previously Deleted And Re-entered Checking Or Credit Card Transactions.
- Once you find a discrepancy, you need to implement required corrections. In case you require any kind of assistance about how to make modifications, you can contact your accountant.
- If there are some new transactions that you need to add into the reconciliation period or you if you have make changes in previously reconciled transactions, you will have to perform a mini-reconciliation.
You may force a reconcile that resulted in a reconciliation adjustment and you are facing the discrepancy issue. You can resolve the issue by reviewing the reconciliation discrepancy account for incorrect adjustments.
- From the List menu, select Chart of Accounts.
- Double-click the Reconciliation Discrepancies
- Select the appropriate filter from the Dates drop-down.
If you couldn’t find the transaction/s in the register that requires to be corrected, then the previous reconciliation needs to be undone the previous reconciliation until the opening balance is correct.
When the opening balance is correct, you can reconcile your transactions for the current month and make sure that the opening balance for each month. However, if you get an incorrect opening balance for a particular month, you can make corrections in it.
If a year-old transaction was modified or removed in recent times, you may have to undo bank reconciliations for the past but many years to get to where the opening balance is correct.
You can also visit: Resolve Common Issues On Previous Reconciliation Report.
Technical Support For QuickBooks Reconciliation Issues
The provided solutions should be helpful for you in resolving Issues When You’re Reconciling In QuickBooks Desktop. However, you may encounter these issues regularly if you reconcile transactions from a damaged account. If you are not able to resolve the issue manually, you can seek technical support from the support department of Intuit by dialing QuickBooks Support Phone Number +1800-567-0425 toll-free.