Bank Reconciliation

Dansigwa · ‎August 17, 2020

Could someone please elaborate for me how I can clear out Unreconciled Erroneous and Duplicate Deposits and Erroneous and Duplicate payments because I think they tend to affect the Bank Register balances and hence despite the Reconciliation Reports being accurate, there's a big discrepancy between the Bank Statement and Bank Register in QBO. Please help ASAP because the Company Filing deadline is quickly approaching by the end of August 2020.

RenjolynC · ‎August 17, 2020

I'm here to give details and steps for your reconciliation reports, Dansigwa.

The total amount that shows on your QuickBooks Balance comes from the bank transactions that you've added or matched from the Banking page. While the Bank Balance is the actual amount from the last bank feed update.

If your QuickBooks balance is greater than the bank statement, you'll want to review the transactions added and exclude the duplicate ones.

Here's how:

Go to Banking on the left panel.
Click the Reviewed tab
Find the duplicate transactions and click the Undo link to add it back to the For Review page.
In the For Review page, put a check mark on the duplicate transactions and click the Batch Actions drop-down menu.
Select Exclude Selected.

Once the transactions are excluded, you can go to the Excluded tab and delete them. Then, re-process the reconciliation.

I've got these articles for more information:

To check for other guides and articles, please feel free to browse for a topic in our general support page.

Please let me know if you need more help with reconciling in QuickBooks. I'll be around to help you some more. Take care and stay safe.

View solution in original post

RenjolynC · ‎August 17, 2020

I'm here to give details and steps for your reconciliation reports, Dansigwa.

The total amount that shows on your QuickBooks Balance comes from the bank transactions that you've added or matched from the Banking page. While the Bank Balance is the actual amount from the last bank feed update.

If your QuickBooks balance is greater than the bank statement, you'll want to review the transactions added and exclude the duplicate ones.

Here's how:

Go to Banking on the left panel.
Click the Reviewed tab
Find the duplicate transactions and click the Undo link to add it back to the For Review page.
In the For Review page, put a check mark on the duplicate transactions and click the Batch Actions drop-down menu.
Select Exclude Selected.

Once the transactions are excluded, you can go to the Excluded tab and delete them. Then, re-process the reconciliation.

I've got these articles for more information:

To check for other guides and articles, please feel free to browse for a topic in our general support page.

Please let me know if you need more help with reconciling in QuickBooks. I'll be around to help you some more. Take care and stay safe.

Dansigwa · ‎August 24, 2020

What if the Transaction appears in the Checking Register as a Check but it's not yet Reconciled yet it's not in the Bank Statement and Banking Feed menu under Reviewed Transactions? How do you rectify such an error? You see I'm trying to handle corrections of a wrongly done Reconciliation by someone else! In the first place we Reconciliation Reports running for two years yet when one goes to Reconcile QBO indicates the last Reconciliation was February 2018 yet the Reconciliation Reports are running up to April 2020?

Mark_R · ‎August 24, 2020

Thanks for getting back to us, @Dansigwa.

In case the transactions are showing checks in your Bank register and not reconciled, you'll want to make sure that these are manually marked as reconciled. This way, it'll correct your reconciliation.

Here's how:

Click the Accounting from the left menu, then select Chart of Accounts.
Find the appropriate bank account and click View register under the Action column.
Locate and select the transactions.
In the reconcile status column (indicated by a checkmark), repeatedly select the top line of the transaction to change the status to R. It'll indicate the transactions are reconciled.
Click Save.

I'm adding these articles for more details:

Also, when running the Reconciliation report, you'll want to make sure that you select the correct Report period. For more guidance, feel free to check out this article: How do I view, print, or export a reconciliation report?

You might also want to read this article to learn more about the reconciliation workflow: Learn the reconcile workflow in QuickBooks.

Keep in touch if you need any more assistance with this, or there's something else I can do for you. I've got your back. Have a good day.

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