Hello there, I appreciate your query regarding handling the difference in your reconciled account in QuickBooks Online, @wastewatchdog2.
Here are several potential factors that could account for the difference in your account balance:
- Someone entered an incorrect ending balance at the start of the reconciliation.
- Someone edited or deleted transactions that were already reconciled.
- There are missing or duplicate transactions in QuickBooks.
- Someone entered transactions into QuickBooks that haven't cleared your bank yet.
- Someone adjusted your last reconciliation with a journal entry.
To handle a minor discrepancy in reconciliation, here's how to fix it so you can finish reconciling:
Step 1: Review the opening and beginning balance
Start by reviewing the opening and beginning balances. Ensuring these figures are correct before proceeding to the next steps.
Step 2: Review the ending balance you entered
When initiating a reconciliation, input the ending balance from your bank statement. QuickBooks relies on this for accuracy. You can follow these steps to verify:
- While you're reconciling an account, in the Reconciliation window, select Edit info.
- Review the Ending balance and Ending date.
- Check your bank statement. Make adjustments as needed.
- After making changes, select Save.
If there's still a difference in QuickBooks, move on to Step 3.
Step 3: Merge multiple transactions into a single transaction
If your bank combined several payments as a single record, you should do the same in QuickBooks. Sometimes, we enter payments individually, which makes us think there's an error.
For more detailed steps on what to do if QuickBooks Online doesn't match your bank statement at the end of a reconciliation you can check this article: Fix issues at the end of a reconciliation in QuickBooks Online.
Please follow this article to proceed to the next step so you can review the reconciliation report from the previous reconciliation and learn how to view, print, or export a reconciliation report.
However, I'd still encourage you to reach out to your accountant for further guidance.
Once everything is all set, continue reconciling your account.
Additionally, in case you need further guidance in performing and rectifying a reconciliation in QuickBooks Online (QBO), check out this article: The reconcile workflow in QuickBooks.
I’ll be around the corner if you need an extra pair of hands to handle your reconciliation, @wastewatchdog2. Stay safe!