cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Visit this post for a list of recent banking issues in QuickBooks Online.
DarrenH321
Level 2

Bank Reconciliation

Hi,

I would be very interested to know if someone can explain this issue for me.

When reconciling the bank account I have a difference, the difference related to items that I have found marked with an "R" in the chart of accounts for the Bank account (code 1200 in my case).

I have spoken to various Quickbook consultants about this, and the answers I have had are along the lines of:

You have duplicated entries - Nope.

Any items marked with and "R" will be deducted from the balance when reconciling  - Nope.

Ask your accountant to go through the entries - What are they looking for?

Because you have marked them with an "R" they won't appear on the bank reconciliation. - Ok fine, so why does the closing balance not take them into account then?

 

I have probably spent the best part of 5 hours either live chat, or on the phone trying to get an answer to this, but nobody can seem to explain why I get a difference on the Bank reconciliation which exactly matches the items marked with an "R".

If I have done something wrong, then fine tell me what it is and I can try to fix it, and stop doing whatever it is I'm doing wrong, but I have not been able to get a sensible reply.

 

Who can help?

 

Thanks

 

27 REPLIES 27
John C
QuickBooks Team

Bank Reconciliation

Hi DarrenH321 Is this your first reconciliation, what type of transactions are marked with an R, did you/another user manually reconcile/mark with an R the transactions within the chart of accounts?

DarrenH321
Level 2

Bank Reconciliation

Hi John C,

No this is not the first reconciliation done, and I'm extremely familiar with how they work.

I think the entries have been marked with an "R" via the matching process in the Banking section, but support tell me that's not the case, so I'm unsure how these certain transactions are being marked with an "R".

What I do know is that they would not have been done through the Chart of Accounts.

The type of transactions being marked are Bill payments, Expenses, and Payments.

 

Thanks

GeorgiaC
QuickBooks Team

Bank Reconciliation

Hi DarrenH321

 

Transactions can only be marked as an R when using the reconcile tool, or by manually changing this on the transaction within the Chart of Accounts 'account history' register. 

 

Are there any other users on the account that may have completed a reconciliation or edit the status? 

 

When you begin reconciling the account, does the total of these transactions and any opening balance that you have entered manually show as the start balance? 

 

Thanks 🙂

DarrenH321
Level 2

Bank Reconciliation

Hi GeorgiaC

There are only two users, and having looked at the audit history it seems to show I'm the one that has marked the entry with an "R", but this is why I'm confused as I have no idea how I have done that, I would not have gone through the chart of account to do this, and I've not marked it as reconciled through the bank reconciliation facility as it doesn't show in the list of transactions to be able to mark it.

If this is the issue, then I'm happy to click the box to take the "R" out, but then it shows as an opening difference when I go back into the Bank Reconciliation routine.

The starting balance is the closing balance from the previous month, which is how it should be. The total of the items marked with an "R" end up being the difference between the opening balance and the closing balance after marking all other entries that appear on my physical bank statement.

GeorgiaC
QuickBooks Team

Bank Reconciliation

Thanks for getting back to me DarrenH321

 

Should those transactions marked with an R have been included in a previous reconcile, are they all dated before the start date of your current reconcile? 

 

Could you please check the previous reconciliation report (Cog > Reconcile > History by account) to see if these are showing there? 

 

 

DarrenH321
Level 2

Bank Reconciliation

Hi GeorgiaC

 

No they should not have been included in a previous reconciliation, and if they were then I would not have got the previous reconciliation to agree back to my bank statement, so I know they cannot be there.

GeorgiaC
QuickBooks Team

Bank Reconciliation

Hi DarrenH321, 

 

In this case, can you close without saving any reconciliation report that you have, and manually un-reconcile these by changing the R to C, then begin reconciling again - if these were not included in a previous reconciliation this won't affect the starting balance of the next reconcile, and you'll see these automatically ticked when you come to reconcile the account for the period that the transactions fall in. 

 

Thanks 🙂

DarrenH321
Level 2

Bank Reconciliation

Hi GeorgiaC,

 

Ok I have tried this with one transaction, and amended it to a "C". What this did was give me an error message to say there was an opening balance difference, and amended the opening balance of the bank reconciliation.

My bank difference was still the same, but the entry did appear in the transaction list and was ticked.

Didn't solve the issue though.  :-( 

MadelynC
QuickBooks Team

Bank Reconciliation

Let sort this out, @DarrenH321J. Smiley Happy
 
When reconciling accounts in QuickBooks Online, make sure to use the Reconciliation feature.
 
Changing the status of your transaction in the Bank Register will cause a difference in the current reconciliation. And the opening balance won’t match the ending balance of the previous reconciliation period.
 
Let’s review the changes and put them back to what they were to correct the difference of the opening balance from the ending balance. Here’s how:
 

  1. Select the Gear icon at the top right.
  2. Choose Reconcile under Tools.
  3. Go to Reconciliation history.

 
This article will provide you more troubleshooting instructions on how to resolve reconciliation differences.
 
Let us know how this turns out. We’ll be happy to help some more if you have additional questions or concerns with balances. Have a good one.

DarrenH321
Level 2

Bank Reconciliation

Hi MadelynC

My opening balance agrees with my previous closing balance.

I have been through all the previous bank reconciliations and the entries marked with an "R" in the chart of accounts do not appear on any previous reconciliation or in the current reconciliation.

So I do not need to fix the opening balance, and I cannot pick up the entries in the current reconciliation to make my difference (which is the total of the items marked with an "R") come to 0.

So even reading through the help guides there is nothing there that I can see that will fix this issue.

Can you assist any further?

Thanks

DarrenH321
Level 2

Bank Reconciliation

Also to note that if I go back into the chart of accounts to amend the transaction from an "R" to either "C" or Blank, it them amends the opening balance which I don't want it to do.

If it's marked with an "R" then it should assume it is reconciled and remove it from the "Difference" figure so that you can reconcile to 0.

SarahannC
Moderator

Bank Reconciliation

Hello there, DarrenH321. I appreciate you for getting back to us.

 

All your reconcile transactions will affect the opening balance for the current period. That's why it's changing when you amend some transactions. What we can do is to undo all reconciled transactions and get some help from your accountant when undoing and doing reconciliation again. Your accountant will help you ensure in keeping your data accurate.

 

Here are some articles that you can check for additional references:
 

 

Please let us know if you have follow-up questions. The Community is always here to continue to assist you. Take care always and stay safe.

DarrenH321
Level 2

Bank Reconciliation

Hi SarahannC,

 

Thank you for your reply.

The issue seems to be that the system classes the handful of entries that have been marked with an "R" in the chart of accounts (well I assume that's where this issue has occurred) as reconciled, but it is not taking them into account when actually reconciling the bank account as far as I can see.

I do not need to undo any previous reconciliations as all the entries have been ticked against the bank statements as I have gone through them.

The opening balance for the month I'm looking at is the closing balance of the previous month (which is as it should be), so by going in and changing the entries to Blank will only upset the opening balance. This is not right.

There has to be a system error somewhere as the bank account opening balance is fine.

John C
QuickBooks Team

Bank Reconciliation

Hi DarrenH321 We recommend that you run a report on the chart of account, select accounting > chart of accounts > locate the account and select the drop down menu to the right of account history > run report > run the report for all dates and compare the report with your bank statements to see if you can locate any discrepancies.

DarrenH321
Level 2

Bank Reconciliation

Hi John C

I had already done this which identified that all the entries marked with an "R" where the entries not appearing on the Bank reconciliation report.

GeorgiaC
QuickBooks Team

Bank Reconciliation

Hi DarrenH321,

 

Do you have an accountant linked to your QuickBooks? If so they can un-reconcile the previous return for you, then you can go to the 'Account history' and check that all the transactions for the period that you'll be reconciling are set to 'C' before re-reconciling this period. 🙇‍♀️

DarrenH321
Level 2

Bank Reconciliation

Hi GeorgiaC

If the transactions are dated September why would this affect previous reconciliations?

Given I have ticked the previous month against the bank statements to know that it agrees with Quickbooks as the difference was 0, and the closing balance agreed from that period agrees with the opening balance for this next period, there should be no need to undo previous months should there?

DarrenH321
Level 2

Bank Reconciliation

Hi GeorgiaC

 

Following your suggestion before of:

Hi DarrenH321, 

 

In this case, can you close without saving any reconciliation report that you have, and manually un-reconcile these by changing the R to C, then begin reconciling again - if these were not included in a previous reconciliation this won't affect the starting balance of the next reconcile, and you'll see these automatically ticked when you come to reconcile the account for the period that the transactions fall in. 

 

Thanks 🙂

 

This is not the case as it does affect the opening balance, but I don't understand why.

 

EmmaM
QuickBooks Team

Bank Reconciliation

Hello DarrenH321, On the R transactions that are affecting the open balance when you remove the R can you go into the transaction>go to more>go to audit history>check on the dates what date they were changed to an R was that within the month of the reconcile and no edits have been made at all to date or amount only that it was manually reconciled?

DarrenH321
Level 2

Bank Reconciliation

Hi EmmaM

 

Thank you for your reply.

 

Looking at a couple of the items the entries were changed to an "R" in the month of September, the same period as the reconciliation I am trying to do.

 

katherinejoyceO
QuickBooks Team

Bank Reconciliation

Thanks for your prompt reply, @DarrenH321. I appreciate you for following all the possible steps shared by my colleagues. 

 

Since the opening balance for the month you're looking at matches with the ending balance of the previous month, I'd suggest you also check the ending date. Here's how: 

 

  1.  In the Reconciliation window, click Edit info.
  2. Review the Ending balance and Ending date.
  3. Refer to your bank statement and make edits as necessary, then select Save.

 

If there's still a difference in QuickBooks, move on to Step 3 outlined in this help article: Fix issues at the end of reconciliation in QuickBooks Online.

 

I'd also recommend reaching out to your accountant. They can check your transactions and help you balance your reconciliation. 

 

For future reference, read through this article: Fix issues for accounts you've reconciled in the past in QuickBooks Online. It also helps you learn about reviewing your original opening balance so you can move on and start reconciling. 

 

Let me know if you have additional concerns. We're always around here to help in any way we can. 

 

DarrenH321
Level 2

Bank Reconciliation

Hi KatherineJoyceO,

 

Thank you for your reply.

 

The closing balance and date are perfect for this months reconciliation.

I have looked at the guidance you suggested, but I don't understand why I would want to combine these transactions into one. I'm not sure what that is going to achieve??

ShiellaGraceA
QuickBooks Team

Bank Reconciliation

Thanks for getting back to us here, @DarrenH321.

 

I have some information about reconciling an account. Your main goal is to match your bank and credit card statements with QuickBooks. If everything matches, you know your accounts are balanced and accurate.

 

Combining multiple transactions into a single transaction applies only if your bank combines several payments as a single record when downloaded into QuickBooks. It is recommended to do the same in QuickBooks since we normally enter payments individually. 

 

In your case, you'll want to manually change the reconciliation status of your entries from "R" to blank. This way, you can match them correctly with your statement and includes them in your September reconciliation period.

 

Here's how to do it:

  1. Go to Accounting and then Chart of Accounts.
  2. Open the account that you reconcile. Tick Account history.
  3. Then, locate the entries in question. Continuously click the reconcile status until it's blank. See the added screenshot below.
  4. Click Save.

 

 

Check out this article for more information about reconciliation: Reconcile an account in QuickBooks Online.

 

Additionally, feel free to browse this link here if you need help with other banking tasks. Just look for responses that suit your concern.

 

Keep me posted if you still have questions or concerns with your bank account. I'm always here to help. Stay safe and have a wonderful day ahead.

DarrenH321
Level 2

Bank Reconciliation

Hi ShiellaGraceA,

 

Thank you for your reply.

I have tried this but it amends the opening balance on the bank reconciliation, so I cannot do that.

 

Need to get in touch?

Contact us