Bank reconcilliation

ScubaPro · ‎October 01, 2021

I reconcile my bank account each month. For whatever reason, the numbers never match but I always enter the starting and ending balances and go through the process. Just this month I noticed that the amount as recorded by QBD is nowhere near the correct amount I have in my bank account.

As near as I can tell by looking at error reports, transaction history and other places, the numbers never reset when I reconcile. I enter all transactions into QBD and I verify all transactions with the bank statement. In looking at all those reports I see that my previous reconciliations did not affect the numbers and instead QBD continued on with the numbers it already had.

I don't have an issue with the numbers not matching exactly, but I am surprised that my register doesn't reflect the changes in the reconciliation process is disappointing. Admittedly, I never looked to see that the numbers were correct after I reconciled the account (until now) so I missed that the corrections I made did not take. That's my fault.

Right now my QBD is off by thousands of dollars from what I actually have in my account. I am waiting for my next bank statement now to go through the process again and I will look closely, but if it didn't work last month, I'm doubting that it will work this month. What do I need to do next time to get the numbers to match?

My question is: How do I get the numbers to match after my next reconciliation considering they have not worked in the past?

Charies_M · ‎October 01, 2021

Welcome to the Community. I'm here to assist you with reconciliation, ubaPro.

There are a few reasons for ending balance issues, among these are the following:

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 made an adjustment to your last reconciliation with a journal entry.

Let's first review your opening and beginning balances. If they are accurate, we can look for other reasons why this happens.

You'llllll want to run a Reconciliation Discrepancy report.This shows any transactions that were changed since your last reconciliation and sorted by statement dates.

Here's how:

Go to the Reports menu. Hover over Banking and select Reconciliation Discrepancy.
Select the account you're reconciling and then select OK.
Review the report. Look for any discrepancies.
Talk with the person who made the change. There may be a reason they made the change. Once you know, edit the transaction as needed.

I've added this article for other reports available in QBDT that will help identify transactions that were modified in case you find any discrepancies: Fix Reconciliation Discrepancies.

For complete instructions on how to reconcile an account in QBDT, feel free to check out this article: Reconcile an account in QuickBooks Desktop.

You may also want to learn how to download, add, and match bank transactions, you can check this helpful article for reference:

Feel free to reach out to us if you need further assistance while reconciling accounts in QuickBooks Desktop. We're always here to help you.

View solution in original post

Charies_M · ‎October 01, 2021

Welcome to the Community. I'm here to assist you with reconciliation, ubaPro.

There are a few reasons for ending balance issues, among these are the following:

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 made an adjustment to your last reconciliation with a journal entry.

Let's first review your opening and beginning balances. If they are accurate, we can look for other reasons why this happens.

You'llllll want to run a Reconciliation Discrepancy report.This shows any transactions that were changed since your last reconciliation and sorted by statement dates.

Here's how:

Go to the Reports menu. Hover over Banking and select Reconciliation Discrepancy.
Select the account you're reconciling and then select OK.
Review the report. Look for any discrepancies.
Talk with the person who made the change. There may be a reason they made the change. Once you know, edit the transaction as needed.

I've added this article for other reports available in QBDT that will help identify transactions that were modified in case you find any discrepancies: Fix Reconciliation Discrepancies.

For complete instructions on how to reconcile an account in QBDT, feel free to check out this article: Reconcile an account in QuickBooks Desktop.

You may also want to learn how to download, add, and match bank transactions, you can check this helpful article for reference:

Feel free to reach out to us if you need further assistance while reconciling accounts in QuickBooks Desktop. We're always here to help you.

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