Fix issues for accounts you've reconciled in the past in QuickBooks Online

Overview

If you're having issues with accounts you've previously reconciled in QuickBooks Online, don't panic. These problems are often fixable with a few simple steps. In this article, we'll walk you through the process of fixing these issues step-by-step, so you can get back to using QuickBooks with confidence.

Note: If you've never reconciled this account before, don't follow these steps. Here's what to review for the first time you reconcile an account. Or, if you're new to the entire process, start with our reconciliation guide.

Step 1: Review the original opening balance

The opening balance is the starting point for accounts in QuickBooks. If it’s incorrect, it affects all following reconciliations. Make sure your opening balance is correct before checking your beginning balance.

Step 2: Check your bank statement

Make sure you're reconciling the correct account for the right month:

1. In QuickBooks, go to Bookkeeping or Accounting and then select Reconcile (Take me there).
2. Review the account you selected in the Account drop-down menu.

If you have multiple accounts at the same bank, or more than one account of the same type, make sure you're reconciling the right one.

Step 3: Match and categorize downloaded transactions

If your account is connected to online banking, match and categorize all of your downloaded transactions before you start reconciling. You will need to categorize everything to get your final correct beginning balance.

Step 4: Review any discrepancy reports

If anyone has made a change that affects your beginning balance, you'll get a message before you start reconciling.

1. Select the We can help you fix it link to open your discrepancy report.
2. Review the discrepancy report. Use it to decide if and how to make changes.
3. Before editing anything, talk with whoever made the changes - they may be intentional.

Once you know you need to make corrections, review each transaction in the report one at a time:

1. Select View to see the history of changes to the transaction.
2. Review the Change Type column. This tells you what changed.  
3. Make edits based on the message in the Change Type column:

• Amount changed: This means someone edited a reconciled transaction or moved it to another account. To fix it, select the transaction to expand the view, then select Edit to open the form. Adjust the total or change the account as needed and then Save and close.
• Unreconciled in register: This means someone unreconciled the transaction. To reconcile it again, select the transaction to expand the view. Select the box in the checkmark column until you see an R. This manually reconciles the transaction. Select Save.
• Reconciled in error: This means that someone has already reconciled the transaction by accident. To remove it and add it to your next reconciliation, select the transaction to expand the view. Select the box in the checkmark column until it's blank or you see a C. This removes the transaction from the reconciliation. Select Save.
• Deleted: This means that someone deleted the transaction. If this was an accident, recreate the transaction exactly as it appears on your discrepancy report:

1. Select + New.
2. Select the correct form (invoice, sales receipt, expense, etc).
3. Fill out the form and select Save and close.
4. Go to Bookkeeping and select Chart of accounts (Take me there).
5. Find the account that you put the transaction into and select Account history.
6. Find the transaction and select it to expand the view.
7. Select the box in the checkmark column until you see an R. This manually reconciles the transaction.
8. Select Save. If you still see an alert the next time you reconcile, open the discrepancy report. The deleted transaction may still be on the list, but the difference should be CA $0.00. It won't affect your reconciliation.

After you review everything on the discrepancy report, the Total Discrepancy Difference on the report should be CA $0.00. Check the beginning balance again in QuickBooks. It should match the beginning balance on your bank statement. Select Resume reconciling to continue reconciling.

Step 5: Reconcile again

Once you've made all necessary corrections, it's time to reconcile your account again. To do this, follow these steps:

1. From the Gear icon menu, select Reconcile (Take me there).
2. Choose the account you want to reconcile and select Reconcile Now.
3. Enter the ending balance from your bank statement and the ending date of the statement period.
4. Check off all the transactions that appear on both your bank statement and in QuickBooks.
5. If there are any transactions that do not appear on your bank statement, but do appear in QuickBooks, mark them as cleared to account for them.
6. Select Finish Now to complete the reconciliation.

Step 6: Verify your reconciliation

After reconciling your account again, it's important to verify that the reconciliation was successful. To do this, run a reconciliation report and compare it to your bank statement. If everything matches up, you're good to go. If there are still discrepancies, you may need to repeat the process.

You should be able to successfully fix any issues with these steps, but if you're ever unsure, or if you’re not able to fix discrepancies on your own, don't hesitate to seek assistance from a professional.