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Highlighted
Level 1

Problems with Reconciling

A brief setup...

Trying to reconcile August 2019 on one account for a small business

using QB Desktop (Premier Retail 2017)

Last reconciled 7/31/2019

Statement Date: 9/02/2019... 33 days in the statement...from Statement Dates (8/1/19 - 9/2/19)

Beginning Balance: matches the Previous Balance on Bank Statement

Ending Balance: matches the Current Balance on the August Statement (9/02/19)

Service Charge: matches Service Charge on Bank Statement

Interest Earned: 0 (none)

 

     The current state of things...

All Deposits & other Credits match the Bank Statement & entries in Quickbooks.

All Checks & Payments match the Bank Statement & entries in Quickbooks.

All entries are 'Checked' to match the entries on Bank Statement.

I have a current Cleared Balance of ( - $6,368.24) with a Difference of ($6,767.34)

 

     What is boggling me is that I've used a highlighter to mark off all transactions (withdrawals, debits, checks, payments) on the physical copy of the Bank Statement, but I'm still coming up with a non-zero Difference & ~$6,700 is a tad too high to just make an adjustment during the finalization of reconciling. 

     I have double and triple checked every transaction entry in Quickbooks against all the transactions on the Bank Statement and it's 100% the same. Am I just doing something wrong that is effectively a newbie mistake or a simple solution? I had an account friend tell me to look into the credit card transactions (processing) fees, but going from the last reconciliation I simply entered in a transaction as a Payment to match the Credit Card Handler Company's fee on their statement (for July the payment made in August was $286 referred to as "Fees Charged" from the Credit Card Processing company's 'Card Processing Statement.) I played around with the idea that perhaps I am double charging the company's taxes and that's what's throwing it off, but I think even entering them in manually as a Check/Payment keeps it in line (which matches the Bank Statements list). 

    Seriously at a loss by this point. I'm not a trained professional, but I've followed all the steps given on open forums (like this one), tutorials on the forums, and even by watching a few videos that present the Reconciliation process as a tutorial from many different content creators.

    If anyone has any insights, please do let me know. I'm humble and would rather be wrong by way of a rookie mistake to figure out how to get this account reconciled so I can move on to the next few months and get ready for tax season.

    Feel free to ask for more modifiers or variables that may help someone get this figured out. Thank you in advance for any help....

 

Edit: 1/15/20 at 10a.m. CST - Ensured that no entries were marked past the statement date or before, nor are there any entries in the 'Locate Discrepancies' found in the 'Discrepancy Report'.

2 Comments
Highlighted
Level 15

Problems with Reconciling

on the reconcile screen, top right I think, is a check mark box to only show transactions before the ending date, change that to show all transactions, then check the QB reconciled against the hard copy.  It could be that some transactions in the future, or in the past that are not on the statement have been marked as reconcilled

Highlighted
Level 1

Problems with Reconciling

Thank you Rustler,

    I have done that and went ahead and double checked just now, but there are no transactions marked before or after the statement dates. As well, I've checked the 'Discrepancy Report' from the 'Locate Discrepancies' window and still haven't found any conflicts.

    I've checked the report on her last reconciliation (July - "last reconciled 7/31/19) and everything seems to check out and match all quantities.  The balance matches the August Previous Balance and Current Balance.

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