Are you looking for a method to fix a QuickBooks desktop reconciliation error? Right, it is not really a tough task to fix a reconciliation error. Many times, because of different reasons, users face reconciliation errors in QuickBooks. One such situation where the user faces this error: the can through performed the last bank reconciliation and agreed to the pay slip with the final amount. When the user begins reconciling the statement of the current month, however, the user discovered that the initial balance was incorrect. Changes to the transactions that have been cleared in previous account reconciliations also cause these problems.
In easy sentences, when the reconciliation changes such as QuickBooks journal entries or transactions that have been changed, added or removed, etc., QuickBooks reconciliation difference has been seen. If the user reconciles an account, the transactions are compared with the bank statements in QuickBooks. The difference between the two records should ultimately be $0.00. If something is not, then today’s article will assist you in resolving problems and effectively completing the reconciliation.
Why is there a Desktop Reconciliation Gap with QuickBooks?
This is a very common problem faced by users of QuickBooks. And this can be seen by changing transactions that have been cleared in previous account reconciliations, as we mentioned earlier. The user may face these problems for the following reasons:
- Any scheme for reconciliation
- Or if a modification, deletion, or change to the previous reconciled transaction has been made,
- Along with that, if anyone at the start of the reconciliation entered an incorrect ending balance
- If someone has also changed or removed transactions that have already been reconciled,
- Another example may be if transactions are incomplete or duplicated in QuickBooks.
- The same problem can also be seen if anyone has entered transactions into QuickBooks that the bank has still not cleared.
- Whether someone has made the last reconciliation change with a journal entry.
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Procedure for Resolving Reconciliation Discrepancies in QuickBooks Desktop
However, the process is not massive, but it involves a few steps. So, here’s the method for fixing QuickBooks’ reconciliation errors. Let us take a look:
Step 1: Check the balances for opening or beginning
If the user does not have it already, he/she needs to make sure that the opening and starting balances are correct. Also, the user wants to look for other similar problems after knowing that they are correct.
Step 2: Spot the Transactions that were Changed, Deleted, or Added
There may be a number of reports showing whether anything has been changed, deleted, or added.
Running a Reconciliation Discrepancy Report
Basically, this report shows any transactions that have been changed since the last reconciliation. They’re basically sorted by the dates of the statement.
To access these reports, The steps are as follows:
- Navigate to the reports menu first of all. And then click over the option of banking.
- Choose the difference in reconciliation, though.
- Choose the account that you are reconciling, after that.
- Select the OK button along with that,
- And then, review the report Check if any discrepancies are there.
- Finally, discuss the problem with the person who makes changes. .But modify the required transaction.
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Running a Report of Missed Checks
The missing checks are basically explained in this article. These may be throwing off the reconciliation’s ending total.
The steps which should be followed are:
- Navigate to the menu for reports and mouse over the menu for banking. After the missing checks are selected,
- Running a report about missing checks.
- Choosing the account to be reconciled and then clicking the OK button is the next step.
- Analyzing the report is the last step.
- Check for some of the transactions on the bank statement that are not on the report.
Running a Transaction Detail Report
- The user is expected to navigate to the reports menu for this report and then hover over the custom reports section. Select Detail of Transaction
And also, choose the tab for viewing.
- The next step is to select the earliest date for the account in QuickBooks, from the field date.
- The user can leave it blank, even, After that, the date of the last reconciliation must be selected by the user for the date to be filed.
- Navigate to the section for filters
- Now, in the account field, the user can choose the account to be reconciled.
- Set a date from the date of last reconciliation in the entered/last modified field.
- Followed by Choose OK to Run the Report
- The next step is to search for any discrepancies or transactions that do not match to the bank statement.
- Now, refer to the person who made the changes. And then, according to requirement, edit the transaction.
It should be noted that if the user needs to add transactions or if any change is to be made to the already reconciled transactions, then a mini reconciliation may have to be made by the user.
At times, to force an account in QuickBooks to match the financial documents, the user makes a reconciliation change. Without the accountant’s guidance, it is highly recommended not to make a reconciliation change. While changes do not solve the issue, and may cause problems later on when fixing the errors. The user must check the account to ensure that no one has made an incorrect change.
The steps which should be followed are:
- Navigate to the list menu first and also select the account chart.
- After that, open the account for reconciliation discrepancies
- The next step is to set the dates from the dates field over the last few reconciliations.
- Now, if the user sees any changes that allow the account balance incorrect, then it is recommended that anyone who made the change be notified.
- Make sure the changes do not conflict with the corrections.
Step 4: Finish Reconciliation
You will finish reconciliation once you have fixed everything successfully. If, however, the user is still unable to spot any problems in the accounts, then until the opening balance is right, he/she will need to remove the previous reconciliation.
It is not a complicated method to fix the reconciliation errors on the QuickBooks desktop, but it involves a few steps that we discussed above. We hope that you might be able to fix the error successfully after reading the above steps. But if you have any concerns, or for any necessary technical assistance, we recommend contacting our QuickBooks enterprise customer service team immediately at our toll-free support number +1-844-583-0066 . Our experts and certified accounting ProAdvisors will be there to assist you all Common QuickBooks Pro Errors by QuickBooks experts.