It’s great to see you here in the Community, Sally.
Reconciling transactions in QuickBooks Online (QBO) can be challenging, particularly when faced with significant discrepancies, such as the £90,000 difference you mentioned. This issue arises from unclear transactions that are not matched to your bank statement due to duplicates, manual entries, or incorrect data.
To address this, we can start by comparing your April and May bank statements line by line with the transactions in QuickBooks. Look for duplicates, errors, or entries that don’t belong.
For example, some transactions have been recorded manually but also pulled from your bank feed, creating duplicates, or they have incorrect dates/amounts. Fixing or excluding these will help reduce the discrepancy.
Even if your end-of-year reconciliation showed a zero balance, leftover entries could still impact April and May. Use the Previous Reconciliation Report to identify potential carryover issues.
Focus on transactions that appear unclear or irrelevant. If certain transactions are yet to clear with your bank, wait until they are processed before taking further steps.
However, if you spot any duplicate transactions in your bank register, you can delete them by following these steps:
- Select the Gear icon, and then go to Chart of Accounts.
- Locate the account with the duplicate transactions, and click the View register option.
- Identify the entry you want to delete.
- In the checkmark column, select the box with the "R" until it's blank. This removes the transactions from the reconciliation.
- Click the Delete button to remove.
For legitimate transactions that aren’t duplicates, you can manually mark them as cleared in your Bank Register. Before making any adjustments, it’s also best to consult your accountant to ensure financial accuracy. If you don’t have an accountant, QuickBooks can help you find one through this link: Find a QuickBooks ProAdvisor.
I've also added this article as your step-by-step guide for handling reconciliations and troubleshooting common issues: Learn the reconciliation workflow in QuickBooks.
Feel free to reply to this post if you need further help.
