Get Detailed Explanation For QuickBooks Reconciliation Discrepancy Issue

While working on the QuickBooks application, you need to do bank reconciliation to ensure the accuracy and integrity of financial records. It helps you to ensure data accuracy by comparing transactions recorded in QuickBooks with those reported by the bank. However, sometimes you may face the ‘QuickBooks Reconciliation Discrepancy issue’ because of many reasons like data entry errors, missing transactions, duplicate entries, bank fees, or timing differences.

QuickBooks bank reconciliation problems refer to a situation where there is a mismatch between the ending balance of a bank statement and the ending balance in QuickBooks during the process of bank reconciliation. However resolving these issues is easy but requires careful review and investigation of the affected transactions to identify and rectify any discrepancies.

So, read the following blog and resolve your issue carefully. And if you feel doubtful about resolving it on your own, connect with us at the toll-free number [phone]

What are the Reasons For Getting Reconciliation Discrepancies in QuickBooks Desktop?

Here are a few reasons why you are getting reconciliation discrepancy issues in QuickBooks Desktop:

• The entries that were reconciled in the past were accidentally changed or modified.
• You have forcefully adjusted an entry in QuickBooks.
• The transactions that were once reconciled were edited or deleted.
• QuickBooks Desktop has a missing or duplicate transaction.
• Your QuickBooks has some transactions that are not yet cleared in your bank account.
• Your last reconcilation with a journal entry was adjusted.

Read Also: How To Delete duplicate transactions in QuickBooks

Which Reports Can Be Used To Find QuickBooks Online Reconciliation Discrepancy?

You can use the following reports to find the discrepancy in the QuickBooks reconciliation.

Report 1: Reconciliation Discrepancy Report

This report is used to check the transaction that is sorted on the basis of statement dates and were modified in the last reconciliation.

• First, you need to click on the Reconciliation Discrepancy option after choosing the Banking option from the Reports menu.
• Then, select the correct account and hit OK.
• Then, go through the report and find a discrepancy.

Report 2: Missing Check Reports

This report can be used to check for missing transactions from your books:

• Firstly, you need to click on the Missing Checks option after clicking on the Banking option from the Reports menu.
• Then, choose the account and click OK.
• Lastly, go through the report and find the transaction that does not match your bank statement.

Report 3: Transaction Detail Reports

You can use this report to check for the transactions that were modified.

• First, click on the Transactions details and then click on the Custom Reports tab from the Reports menu.
• Then, choose the following from the Display tab:

1. Date From – here, choose the earliest QuickBooks date
2. Date To – here, choose the last reconciled date

• Now, in the Filter tab, choose the below-given points:

1. Account – the amount being reconciled
2. Entered- the last modified transaction
3. Date From- the last reconciliation date
4. Date To- Today

• Finally, hit Ok and run the report.

You may want to read this helping guide on Unable to send invoices in QuickBooks

Report 4: Reconciliation Adjustment Report

QuickBooks bank reconciliation problems can also occur due to a forced reconciliation that might lead to reconciliation adjustment. So, to solve reconciliation discrepancies in QuickBooks Desktop, you need to check your Reconciliation discrepancy account and then find the inappropriate adjustments.

1. First, go to the Charts of Accounts option from the List menu.
2. Then, select and click twice on the Reconciliation Discrepancies account.
3. After that, from the Dates drop-down, opt for the right filters.

• In case you are not able to locate the transactions that need to be changed to make the corrections, then you will have to undo the previous reconciliation till you get the correct opening balance.
• Once the opening balance is corrected, you can continue with the reconciliation for the current month while making sure that the opening balance sheet for each month is correct. And when you find an incorrect balance sheet for any month, then you will require to make corrections to it first.
• If the transactions for the past months were changed, then you need to undo the reconciliation for the past, also.

To Sum Up The Following!

With this blog, we provided you with as much information as required to understand the QuickBooks Reconciliation Discrepancy issue. However, to resolve it, we recommend you to connect with our experts at the toll-free number [phone].