Bank reconciliation discrepancy

Selvyne · ‎September 08, 2021

I have two banks that transfer funds between each other. I messed up my years of reconciliation with these banks because I have deleted some duplications which resulted in recon discrepancies with the opening balance. Support advised me to undo the recons and start over. Now I am scared when dealing with duplicate transactions. I am thinking that if I take the approach below I should not have a problem going forward.

Reconcile bank A for January
Void any duplicates before moving on
The double entry would go to bank B since they are transfers between the banks
When I go to reconcile Bank B, any entry I check off should not mess up Bank A

Am I correct ?, what am I missing?

Also when I am checking the entries, should I be checking the one with a green box instead of the other duplicate entry that has no green box. and is it ok to treat a "C" entry as a duplicate?

AS you can see I am still on the learning curve with QBO

Thanks

Candice C · ‎September 08, 2021

Good morning, @Selvyne.

Congrats on making your first post here in the Community. I appreciate you coming here with your question about reconcile discrepancies.

First, you'll need to undo the reconciles that have all the duplicates included. From there, you'll then exclude/delete/void any duplicates.

Afterwards, you can start reconciling again. However, I do recommend reviewing these guides below:

If you have any further questions, don't hesitate to ask. I'm always here to lend a helping hand. Have a great day!

Selvyne · ‎September 20, 2021

Thanks for your feedback on my posting on reconciliation discrepancies. So I undo all my reconciliations affected.

In starting anew, I ensured that if there are duplicates I voided them once my reconciliation is at o (zero) I do this before I save the recon. if there is no item carrying over to the next month I check to make sure my reconciled balance agrees with my check register balance. they agreed. now when I get into 2018 some items turn up in my recon window with 2018 dates already checked off. I have to uncheck them to reconcile the month. Support advise me to delete them, I did, but they still reappear. Now the total of these ghost entries has lowered my register balance, putting it out of agreement with my reconciled bank statement. The status of these items is showing in the register as C and green box with +. Anticipating your help--thanks

I am confused.Help please

GlinetteC · ‎September 20, 2021

Hi there, Selvyne.

Let me help you fix your reconciliation discrepancy concerns in QuickBooks Online.

Updating the transactions can cause a discrepancy in your previous reconciliation. When you decide to undo the last reconciliation, the assistance of an accountant is a must. Your accountant can provide you expert ways of dealing with this situation.

To know more about reconciliation in QuickBooks Online, check these out:

I'm just a post away if you need more help about reconciliation in QBO. I'll be sure to get back.

Topics

Training

Community

Resources

Bank reconciliation discrepancy