Fix bank reconciliation issues in QuickBooks
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.
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
- Verify the opening balance:
- Select Account history and search for opening balance entry.
- Compare the opening balance in QuickBooks to your bank statement.
- Correct mismatched entries by editing the balance under the Deposit (GBP) column.
Why it happens
- Incorrect categorisation or duplicate entries.
How to fix it
- Review the Account history:
- Go to Transactions, select Chart of accounts, then select Account history.
- Ensure only the opening balance is marked with an R.
- Undo incorrect reconciled transactions:
- If a transaction has been reconciled by mistake, the best course of action is to undo the reconciliation.
- Go to Transactions and select Bank transactions.
- 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.
- Reconcile the account again:
- After correcting the mismatched transactions, go to Transactions and select Bank transactions.
- 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
- Match downloaded transactions with your bank statement.
- For duplicates, Exclude or delete the extra entries.
- Add missing transactions manually:
QuickBooks Online: Go to Transactions, select Bank transactions, then select Add.
What's next?
For more help, see the following related article:
QuickBooksHelpIntuit