Sometimes, when you reconcile your accounts, it can be difficult to get the difference to equal zero. Use the expert tips in the following sections to help you hunt down tricky transactions.
Check to make sure that the account you selected when you started the reconciliation is correct. This is an easy mistake to make, especially if you have multiple accounts with the same bank.
To ensure you're reconciling the correct account:
- Select Accounting, then Reconcile.
- Check that the name of the account you're reconciling, listed at the top of the Reconcile page, is correct.
- If it isn't the right account, select Close without saving from the Save for later ▼ drop-down menu.
- Confirm that you want to close without saving.
- Select the correct account from the Account ▼ drop-down menu.
- Enter the statement Ending balance and Ending date.
- Select Start reconciling.
The Reconcile page displays the correct account.
Statement information mismatches
Make sure the statement information you entered at the beginning of the reconciliation is correct.
- On the Reconcile page, select Edit info.
- In the Edit the information from your statement panel, verify that the Ending balance and Ending date information matches the information from your statement.
- Make any necessary changes to the Ending balance and Ending date.
- Select Save.
The balance and date information now matches the statement.
Mismatched number of transactions
A quick way to determine whether you are missing transactions either on your statement or in QuickBooks Online is to compare the number of transactions listed on each and ensure that the total number of transactions listed on each is the same.
On the Reconcile page, compare the total number of transactions listed on your screen for each transaction type to the number of transactions listed on your statement.
To compare the number of transactions:
- On the Reconcile page, select the button for a transaction type. For bank accounts, the transaction types buttons are labelled Payments and Deposits. For card accounts, the buttons are Charges and Payments.
- Make a note of the number of transactions you have already selected and cleared for each type.
- Compare the number of transactions of each type to the information on your statement.
If the statement total number is higher, look for transactions that aren't selected in QuickBooks Online, such as:
- Transactions that don't have ticks and weren't marked as cleared
- Transactions that weren't entered in QuickBooks Online
- Deposits entered as payments or charges, or payments or charges entered as deposits
- Transactions dated after the statement ending date
- Transactions entered in a different account by mistake
- Foreign transaction fees
|Note: By default, the Statement end date filter hides transactions that occurred after the statement Ending date. To see hidden transactions, select Reset to turn the filter off and review transactions for all dates.|
If the statement total number is lower than the number in QuickBooks Online, there are too many transactions selected. This can indicate:
- Transactions were mistakenly marked as cleared
- Transactions were entered twice in QuickBooks Online
- Deposits or charges that were entered as payments or payments entered as deposits or charges
- Bank charges that were entered and selected twice
Once you know what kind of transaction issues to look for, locating troublesome transactions becomes easier.
Single transaction difference
If the difference between the statement and QuickBooks Online is a single transaction, it's likely that the amount of the difference between the two is the transaction amount. You can filter the list to search for a transaction of that amount.
To filter the list:
- Select the Filter button.
- Enter the amount of the difference in the Find field.
- Select Apply.
You can now review only transactions with that specific amount.
Make sure the amount of each transaction listed on the Reconcile page matches the amount shown on your statement.
Start from the beginning of the statement and compare the amount of each transaction on the statement with the transaction listed in QuickBooks Online.
If an amount is incorrect, you can select it and edit the amount as necessary.
Financial institution mistakes
If you can't find errors or omissions in your QuickBooks Online records, the problem may be the result of a bank or card company error.
For information about resolving bank or card statement errors, see Fix mistakes on your bank or card statement.
Check with your accountant
If you still can't get the difference to $0.00, we recommend that you work with your accountant to locate the error.
It's always better to find and correct the original error than to make an adjustment. However, your accountant may suggest an adjustment if the difference in amount is small.
|Note: Always check with your accountant before you adjust your balance in order to reconcile an account.|