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Ladydmb
January 28, 2024
Question

Fix discrepancies

  • January 28, 2024
  • 1 reply
  • 7 views

I'm trying to reconcile my bank account and it's showing some discrepancies that I deleted from previous years.  I saw the tutorial on how to fix it but I'm not able to and thinking it's because I have the Simple Start subscription, I'm not able to edit anything. What subscription do I need in order to edit the discrepancy?

1 reply

J
JamesAndrewMModerator
Moderator
January 28, 2024

I see you are having reconciliation discrepancies in QuickBooks Online. You've arrived at the correct forum. I have insight and guidelines to help you fix issues for accounts you've reconciled in the past.

 

In QuickBooks Online, the ability to edit or fix discrepancies in reconciled transactions is available in all subscription plans, including Simple Start. The issue you're facing may not be related to your subscription plan. 

 

When reconciling an account, you need to review the beginning balance in QuickBooks. It is the amount in the account at the start of the period you are reviewing. It serves as a checkpoint to ensure you start with accurate numbers. 

 

Ensure the beginning balance amount matches your bank statement for the start day. If it does not, QuickBooks will guide you on what needs to be changed. Here are some causes of beginning balance issues:

 

  • Someone entered an incorrect opening balance when they created the account in QuickBooks.
  • Someone added transactions older than the opening balance but didn't edit the original opening balance entry to reflect the change.
  • Someone edited, deleted, moved, or unreconciled an already reconciled transaction. It changes the ending balance of your last reconciliation, which impacts the beginning balance of the next one.
  • Someone manually reconciled a transaction, so it didn't reflect on the following reconciliation.

 

To proceed, first, ensure your opening balance is correct before checking your beginning balance. Next, check your bank statement and be sure you are reconciling the correct account for the exact month. Here are the steps:

 

  1. Go to Transactions, then select Reconcile.
  2. Select the account that you want to reconcile from the Account ▼ dropdown.

 

To access detailed information and find out what steps to take next, please refer to this article: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

I'm adding these articles you can use in the future:

 

 

By following these steps, you should be able to rectify the discrepancies in your reconciliation. If you have more questions about reconciling your accounts in QuickBooks Online, post them here in the forum. I'll be sure to answer them ASAP! Have a great day!

L
LadydmbAuthor
February 3, 2024

JamesAndrewM, 

Thanks for your feedback and I watched the video Fix issues for accounts you've reconciled in the past in QuickBooks Online.  It shows you how to edit these discrepancies but that's the problem. If your telling me my subscription Simple smart can make edits it can't at least not based off of this video.  I feel this video is helpful and would resolve my issues but it doesn't allow me to edit so I don't know what else to do.

M
MAnneJ
February 4, 2024

Allow me to provide helpful steps for you to follow, @Ladydmb. 

 

First, before reconciling, let's manually enter the transactions and ensure that it's the same as your bank statements. It is also important to enter the correct date of each transaction.

 

Here's how: 

  1. Go to the Gear icon, then Chart of Accounts, and locate the correct bank account.
  2. Click View register, find the re-entered transaction, and select it.
  3. In the check mark column, click the blank box until an R appears (indicating this is reconciled). 
  4. Hit Save.

After this, let's return to the reconciliation page and review the beginning balance. If everything's correct, re-enter the correct ending balance and reconcile the next period.

 

If you have recently added past transactions to your account, please refer to this article to learn how to review and edit your open transactions: Reconcile transactions that are older than your opening balance in QuickBooks Online.

 

Feel free to reply to this thread for further reconciliation or any QuickBooks-related matters. I'll keep an eye out for it.  

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