How to Solve the Reconciliation Discrepancy in QuickBooks

Reconciliation Discrepancy

You may face problems in opening the balance sheet in QuickBooks because of the reconciliation discrepancies that may be triggered by the last reconciled transactions that have been added, modified or removed.

Sometimes, the incorrect modification of transactions like Journal entries may also cause the inconsistencies. If you’re facing the QuickBooks reconciliation discrepancies, you can continue with these steps that will let you find out and fix the differences. For the hassle-free solution, you can also consult the QuickBooks customer care executives that will help you get the instant help.

Fix 1 – Missing /changed transactions in QuickBooks

the former added reconcile in QuickBooks will cause problems when opening the balance if the reconciled transactions have been inserted, altered or removed. You can continue with the following steps that will let you find out reconciliation differences and repair transactions in QuickBooks Desktop program.

Reconciliation Discrepancy Report

You can check this report to find out the transactions arranged by the statement date and changed since the previously added reconciliation. Here’s how to do:

  1. Choose the ‘Banking’ option from the ‘Reports’ menu, and then click the ‘Reconciliation Discrepancy’ link.
  2. Select the correct account and then click the ‘OK’ button. Later on, check the report to find out the discrepancies.

Missing Checks Report

It’s helpful to find out and check the missing transactions on the QuickBooks balance sheet. If you have misplaced any transactions, follow these steps to find and fix the discrepancies.

  1. Choose the ‘Banking’ option from the ‘Reports’ menu, and then click the ‘Missing Checks’ link.
  2. Select the right account, and then click the ‘OK’ button. Check the transactions report that is not similar to your bank statement.

Transaction Details Report

The following report will help you find out the transactions that have been changed and modified.

  1. Choose the Custom Reports option from the ‘Reports’ menu in QuickBooks, and then click the ‘Transaction Detail’ tab.
  2. In the ‘Display’ tab, select the ‘Date From’ option to access the earliest date of the statement in QuickBooks. You can choose the ‘Date To’ option to get the date of previously added reconciled transactions.
  3. In the ‘Filters’ tab, select the Account which is being reconciled, and then the last added and changed statement. Via the ‘Date From’ option, choose the date of previously reconciled transactions. The ‘Date To’ option lets you access the new statement.
  4. Click the ‘OK’ button to access the report.
    After finding the QuickBooks reconciliation discrepancy, you can make the required adjustments and corrections. If you need any help to correct these transactions, contact the IT professionals.

Fix 2 – Reconciliation adjustment

you may find the discrepancy if you have forcefully performed the last reconciliation or added an incorrect statement. You can resolve this problem by checking the ‘Reconciliation Discrepancy’ account to find out the incorrect changes you have made. You should first need to be reconciled the company account and then typed a Reconciliation Adjustment.

1. Click the ‘Chart of Accounts’ option from the ‘Company’ menu.

2. Choose and double-click the ‘Reconciliation Discrepancy’ icon to open the account.

  1. If you can’t find out the transactions in the register that require being repaired, it’s strictly suggested you open the last reconciliation till you will be able to correct the opening balance.
  2. After correcting the opening balance, you can continue with reconciling to the current month, ensuring the opening balance is accurate for every month. If you require help, check the ‘Reconcile’ screen to make sure if the beginning balance is incorrect or zero.
  3. If the transaction from years ago was deleted or changed now, you might require opening the last bank reconciliations until you find the opening balance is accurate.
  4. You may need to perform a mini reconcile if you have the new statement to insert to the reconciliation time or have changed last reconciled transactions.

However, if you’re unable to find out and fix the QuickBooks reconciliation discrepancies using one of the workarounds as discussed above, it’s time to ask the help of experts. 

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