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Bank reconciliation

In my 12/31/18 monthly bank reconciliation, the Register balance as of 12/31/18 per the Reconciliation Summary did not match the amount of cash per the Quickbooks Cash account . This has not happened to me before; in fact, I just recently noticed it when preparing for our audit. When I completed the reconciliation, before hitting the "reconcile now" icon, I noted that the "difference" was $0, so printed off the documents and filed it away. How can there be a difference, and how do I correct this?

Thanks,

Sue

Best answer 04-09-2019 01:28 PM

Accepted Solutions
Moderator

Re: Bank reconciliation

Hi there, Susan123.

 

It's nice to have you in the Community. I'll be happy to help share a few insights to find out what's causing the difference between your reconciliation report and register balance, and get this straightened out.

 

The Reconciliation Report only shows the balance of a specific bank account which you reconciled. Moreover, it shows your reconciliation for a specific period.  While the Register Balance shows all your balances within the reporting period you've selected.

 

Balances may not match due to outstanding or new transactions for a connected account, duplicate transactions, edited or deleted transactions and credit card (liability) account.

 

You can check the Audit Trail to see if there are transactions that were deleted, changed or added in your register. Also, to verify the details of whether those transactions affected your balance. Let me guide you how: 

  1. Click the Reports at the top menu and select Accountant & Taxes.
  2. Select Audit Trail and click the Customize Report button.
  3. Go to the Filters tab and set a date range.
  4. Click OK and look for the transaction.
  5. Take note the details of the transaction.

Then, I recommend following the steps outlined in this article depending on the cause of the discrepancy: Fix Reconciliation Discrepancies.

 

That should get you back on track. Stay in touch once you've tried the steps to fix your previous reconciliation balance. I'll be happy to help you out. Have a great day ahead. 

1 Comment
Moderator

Re: Bank reconciliation

Hi there, Susan123.

 

It's nice to have you in the Community. I'll be happy to help share a few insights to find out what's causing the difference between your reconciliation report and register balance, and get this straightened out.

 

The Reconciliation Report only shows the balance of a specific bank account which you reconciled. Moreover, it shows your reconciliation for a specific period.  While the Register Balance shows all your balances within the reporting period you've selected.

 

Balances may not match due to outstanding or new transactions for a connected account, duplicate transactions, edited or deleted transactions and credit card (liability) account.

 

You can check the Audit Trail to see if there are transactions that were deleted, changed or added in your register. Also, to verify the details of whether those transactions affected your balance. Let me guide you how: 

  1. Click the Reports at the top menu and select Accountant & Taxes.
  2. Select Audit Trail and click the Customize Report button.
  3. Go to the Filters tab and set a date range.
  4. Click OK and look for the transaction.
  5. Take note the details of the transaction.

Then, I recommend following the steps outlined in this article depending on the cause of the discrepancy: Fix Reconciliation Discrepancies.

 

That should get you back on track. Stay in touch once you've tried the steps to fix your previous reconciliation balance. I'll be happy to help you out. Have a great day ahead.