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Fix bank reconciliation issues in QuickBooks

by Intuit•39• Updated 1 week ago

Learn how to fix common reconciliation problems in QuickBooks, ensuring your accounts are balanced and up-to-date. This means you can:

  • Identify and correct opening balance mismatches.
  • Deal with mismatched and unmatched transactions efficiently.
  • Ensure your bank statements accurately reflect your QuickBooks data.
🛈 This article is for customers who use QuickBooks Online (Simple Start, Essentials and Plus), QuickBooks Self-Employed. 

Watch our short video below to learn how to fix common reconciliation errors.

Common reconciliation errors with solutions

Why it happens

  • Incorrect or missing opening balance when setting up the account.
  • Unrecorded transactions dated before the opening balance.

How to fix it

  1. Verify the opening balance:
    • Select Account history and search for opening balance entry.
  2. Compare the opening balance in QuickBooks to your bank statement.
  3. Correct mismatched entries by editing the balance under the Deposit (GBP) column.

Prerequisites:

Double-check the opening balance for the account you're reconciling. Sometimes, the opening balance doesn't include transactions that were still pending when you created the account. The opening balance is the balance of your bank account on the day you choose to start tracking transactions.

Note: If you recently entered older transactions dated before your opening balance, here's how to reconcile them. Then continue with these steps.

Why it happens

  • Incorrect categorisation or duplicate entries.

How to fix it

  1. Review the Account history:
  2. Undo incorrect reconciled transactions:
    • If a transaction has been reconciled by mistake, the best course of action is to undo the reconciliation.
    • Follow this link to complete the steps in product Open this link in a new window
    • Find the transaction that was incorrectly reconciled.
    • Select the transaction to open it.
    • Toggle the status in the tick column to remove the R mark.
    • Select Save.
  3. Reconcile the account again:
    • After correcting the mismatched transactions, go to Bank transactions page.
    • Select the account you want to reconcile.
    • Select Reconcile and follow the prompts to complete the reconciliation process.

Why it happens

  • Missing or duplicate transactions.

How to fix it

  1. Match downloaded transactions with your bank statement.
  2. For duplicates, Exclude or delete the extra entries.
  3. Add missing transactions manually:
    QuickBooks Online: Go to Bank transactions page, then select Add.

What's next?

For more help, see the following related article:

QuickBooks Online EssentialsQuickBooks Online PlusQuickBooks Online Simple Start