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Frequent Explorer **

Bank Reconciliation Balance

Question 1 - why would my beginning balance (beginning bank balance) be different between 1) Transactions cleared at the time of reconciliation, and 2) Transactions cleared plus any changes made to those transactions since the reconcililation?

 

Question 2 - shouldn't the "Checks and Payments" and "Deposits and Credits" on the reconciliation statement (in the bank section) match the bank statement amounts?

 

thank you

Solved
Best answer 08-02-2018

Accepted Solutions
Senior Explorer **

Re: Bank Reconciliation Balance

Have you looked at the Reconciliation Descrepancy report (under Reports>Banking>Reconciliation Descripancy)?  That report shows what's changed since the last reconciliation of that account. 

QuickBooks Team

Re: Bank Reconciliation Balance

Greetings, Lanash.

 

Glad you dropped by the Community space. I'd like to help in reconciling your books.


If this is the first time you're reconciling your bank account, start reconciling from the oldest bank statement and continue until you reach the most recent statement. Follow this article for more information on how to reconcile accounts: https://community.intuit.com/articles/1145755.


Also, make sure the beginning balance in QuickBooks matches the statement beginning balance. Check out this article to learn more: https://community.intuit.com/articles/1581647.


If a bank account was set up without an opening balance, you'll need to enter a deposit to offset the bank account's opening balance. Here's an article that will walk you through the steps on how to enter an opening balance: https://community.intuit.com/articles/1145723.


By following the instructions in the articles provided above, you'll be able to enter an opening balance and reconcile your accounts.


Let me know if there's anything else you need, I'll be here to help. Have a good one!

11 Comments
Senior Explorer **

Re: Bank Reconciliation Balance

Have you looked at the Reconciliation Descrepancy report (under Reports>Banking>Reconciliation Descripancy)?  That report shows what's changed since the last reconciliation of that account. 

Frequent Explorer **

Re: Bank Reconciliation Balance

yes, that  helps. 

 

thank you

 

i'm wondering about my 2nd question...i'm thinking the bank section of the reconciliation report should mirror the bank statement summary amounts...no?

Senior Explorer **

Re: Bank Reconciliation Balance

As long as your QB entries are identical, then, yes, if the Recon Discrepancy report is blank. 

Spoiler
BATCH discrepancy:  Some folks post QB deposits individually even though a bank statement will post batched deposit amounts.
BALANCE discrepancy
:  Some folks are proactive and fetch the online balance rather than wait for a bonified statement.  Those folks should be careful if any transactions are Pending or In Process which may skew the amount reported on the bonified statement later.  

 

Hope this helps!

LW
Not applicable

Re: Bank Reconciliation Balance

I have a similar question.  The prior month bank reconcilation is in balance based on the bank statment ending balance.  There are no items in the discrepancy report.  However, when I try to recconcile the current month, I have an error that indicates the beginning balance is incorrect. The amount of the item supposedly in dispute is a item issued in the current month.  

 

How can I correct this?

Senior Explorer **

Re: Bank Reconciliation Balance

These errors are typically date-driven.  Take a look at the date of the item in dispute...it should match the bank-date or dispute-date.   If the item is also attempting to adjust the Beginning Balance, then it should be dated for the current month and not before.

 

Hope this helps.  Otherwise you can "google" the error message (usually an error number) for more about the problem/solution.

Not applicable

Re: Bank Reconciliation Balance

Thank you so much! I have 2014 through 2017 that need to be reconciled. How do I begin? I don’t have a starting balance. How do I manually enter so there is a starting point ?

QuickBooks Team

Re: Bank Reconciliation Balance

Greetings, Lanash.

 

Glad you dropped by the Community space. I'd like to help in reconciling your books.


If this is the first time you're reconciling your bank account, start reconciling from the oldest bank statement and continue until you reach the most recent statement. Follow this article for more information on how to reconcile accounts: https://community.intuit.com/articles/1145755.


Also, make sure the beginning balance in QuickBooks matches the statement beginning balance. Check out this article to learn more: https://community.intuit.com/articles/1581647.


If a bank account was set up without an opening balance, you'll need to enter a deposit to offset the bank account's opening balance. Here's an article that will walk you through the steps on how to enter an opening balance: https://community.intuit.com/articles/1145723.


By following the instructions in the articles provided above, you'll be able to enter an opening balance and reconcile your accounts.


Let me know if there's anything else you need, I'll be here to help. Have a good one!

Frequent Contributor *

Re: Bank Reconciliation Balance

I just converted to QB Pro, and need to reconcile January's bank statement.  however, QB imported all my checking data from 2014-present.  is there an easy way to 'delete' or hide all these previous years?  

QuickBooks Team

Re: Bank Reconciliation Balance

H there, gb786.

 

I'm here to lend a hand regarding the transactions showing from the previous years in QuickBooks Desktop.

 

If you're referring to the outstanding items showing on your bank reconciliation screen, you can enter a journal entry to remove them from the Reconciliation screen. You can do this in the current year by offsetting the entry to the account (G/L) that was charged.

 

Creating a journal entry to mirror the original entries, and date this year should remove them. I also recommend seeking an accountant for an expert's advice to ensure there will be no problem with the books in the future.

 

Please reach out to me here should you need any further assistance. I'm always available here to talk with QuickBooks.

Frequent Contributor *

Re: Bank Reconciliation Balance

these bank entries go back to 2003.  i checked them all as cleared, but i dont know how to get the current balance to match? i went through several tutorials and tips and screwed up my actual bank balance.  i just restored the company from the back up i saved before i started all this crazyness.  

QuickBooks Team

Re: Bank Reconciliation Balance

Hi there, @clfp.

 

Thank you for the details you've added. I can help and share some insights about fixing your reconciliation balance.

 

There are some possible reasons why there are reconciliation discrepancies:

  • The previously reconciled transactions have been modified, deleted, or added.
  • You've created adjustments such as Journal Entries.

Please check out this link for the instructions on how to fix it: Fix Reconciliation Discrepancies.

 

I'd still recommend consulting an accountant since these are from 2014-present transactions. He should be able to provide more expert ways to make things accurate.

 

Keep me posted on how things go once you've tried the steps or if you have follow up questions about banking. I'd be waiting for your response. Wishing you all the best!

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