Skip to content

How to Fix QuickBooks Reconciliation Discrepancies

    QuickBooks Reconciliation Discrepancy

    All those who have worked with QuickBooks may have encountered various errors. In this article, we will be discussing about QuickBooks Reconciliation Discrepancy. This error occurs due to various reasons, which could be either due to the reconciliation adjustments like journal entries and the earlier reconciled transactions are deleted, added or changed.

    Reason of QuickBooks Reconciliation Discrepancies

    Reason behind the QuickBooks Reconciliation is due to the alterations made in transactions for the ones that got cleared in the reconciliations in past accounts. Conducting a search to identify any such alteration could be a frustrating and time consuming process. Reasons why reconciliation discrepancies occur could be any one of the following reason:

    • Arrangement of Reconciliation
    • Addition, deletion or alteration in the transactions reconciled in past

    Steps to Resolve QuickBooks Reconciliation Discrepancies

    Also Read: End of a Reconciliation in QuickBooks Online

    Various reports are provided by the QuickBooks so that you can easily get the reconciliation discrepancies identified and fix the transactions

    🔶 Reconciliation Discrepancy Report
    🔶 Missing Checks Report
    🔶 Transaction Detail Report

    Based upon then cause of an error you can apply the steps mentioned below.

    Total Time: 35 minutes

    Missing or Modified Transactions

    Reconciled transactions which were either added, deleted or alteration was done, after the last reconcile, will surely have an impact on opening balance. End number of reports that are applicable in QuickBooks Desktop will help in recognizing the discrepancies and then solve the transactions.

    Reconciliation Discrepancy Report

    With this report, you can track the transactions, arranged according to the statement date, which was altered last

    🔶 Go to the report first and select Banking, after that click on Reconciliation Discrepancy present in Reports menu
    🔶 After selecting Appropriate Account, click on OK
    🔶 Analyze the report carefully for any discrepancies

    Missing Checks Reports

    With this report, you can easily find the absent transactions

    🔶 First of all select the Banking and then click on Missing checks present in Reports Menu
    🔶 Select Banking and then click on Missing Checks, from Reports Menu
    🔶 Choose Appreciate Account and click on OK
    🔶 Check the report for such transactions which doesn’t match with the bank statement

    Transaction Details Report

    With this report you will be able to find the transaction which was modified or changed.

    🔶 Choose Custom Reports and then from Reports Menu, click on Transaction Detail
    🔶 Now go to the Display Tab and under it select:
    🔶 Date Form
    🔶 Date To

    Now Select following in Filters tab

    🔶 Account
    🔶 Last Modified/ Entered
    🔶 Date From
    🔶 Date To

    Reconciliation Arrangement

    Strained reconciliation in the past which is developed for reconciliation arrangement, could also be an originator of discrepancy. In order to resolve the issue, review QuickBooks Reconciliation Discrepancy account and analyze it for improper arrangement.

    🔶 From Company Menu click on Chart of Accounts
    🔶 Select and double click on the Reconciliation Discrepancy Account

    If you are unable to find or recognize the transaction from register, where rectification is needed then undo the reconciliation done in past before you rectify the opening balance.

    After rectifying the opening balance, you can continue reconciling for current month ensuring that rectification of opening balance is done for every month. If any help is required for the rectification of opening balance then refer the Reconcile window creation, the balance may be incorrect or it is zero.

    Why Accounting Problem

    Solutions provided by us will prove to be of great help but if in case you are unable to get your queries resolved then get in touch with our QuickBooks Technical Support team. Equipped with all the latest technological knowledge, our QuickBooks Enterprise Support helpdesk team will provide you the best answer. Getting in touch with our QuickBooks Customer Support team is easy, all you have to do is just dial Quickbooks Support Phone Number.


    How to Reconcile in QuickBooks Online

    1. Just click the Gear option, then on “Tools” and “Reconcile. ”
    2. Click the drop down menu under “Accounts” and select typically the account you wish to reconcile.
    3. Key in the “Ending balance” and “Ending date” based on the bank statement facts.
    4. Match transactions to be able to your bank affirmation and check these people off 1 by simply 1.
    5. Apply filtration so transactions happen to be better to find.
    6. Continue to keep going before the “Difference” field is absolutely nothing and you begin to see the Success! page.

    How to Run a Reconciliation Discrepancy Report

    1. Proceed to the Reports menu. Float over Banking together with choose Reconciliation Disparity.
    2. Find the account occur to be reconciling and in that case select OK.
    3. Assessment the report. Search for any mistakes.
    4. Talk with typically the person who built the change. There could possibly be a reason that they made the adjust.