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Cmccourt
Level 2

Quickbooks account Difference, Reconciliation fine.

Hey All,

 

QBO user.

 

Did a reconciliation on the company credit card and bank accounts finally. Thank to users here, figured out the statement credits for credit card. Now, I got one last step in fixing the new company books.

 

Reconciliation process was straight forward. It shows no difference at all in QBO for both accounts which is good news. Using the statements for December to compare.

 

However, the banking dashboard that shows the real account and quickbooks account are still out of sync and showing a difference. Any thoughts? I thought lag in the system but the number is very specific. 

for example, like the credit card account still shows a difference of $71.00 even though I did the credit card credit and the reconciliation found it and went through with no problems. 

thank you.

2 Comments 2
Pete_Mc
Community Champion

Quickbooks account Difference, Reconciliation fine.

Those would be either charges made since you reconciled or an outstanding item that was not on the statement.

 

Reconciled balance shows that all of the charges on the statement are correct (you show $10 for ABC and they show $10 for ABC).  But the bank does not know about other charges you've made that the Vendor has not put in for yet or that happened after the closing date.  (Or on the closing date, but again, did not get reported to the bank yet.

 

So somewhere you have one or more charges that amount to $71.  Pending how many charges, you can just go through your CC Register and see if you can find it.  If you huge number of charges, then first check to see if the charge is from the end of last month or in this month and it just didn't make the last statement.  (It may have cleared by now, but didn't by the time the statement closed).   If still not there, start the Reconciliation process from last month again with the same numbers (you'll cancel before saving) and just see if any outstanding items show up.

 

If you really had a $0 balance when you reconciled, the item just has to be an outstanding one.

 

OH...  By chance you didn't move delete, change, etc. and item that was already Reconciled did you?  That will also mess up you balance.

Cmccourt
Level 2

Quickbooks account Difference, Reconciliation fine.

Thanks for the response. 

The books had never been reconciled since the business began in September. But, when I started in late October they were just watching the Quickbooks and real account totals and was not aware they should be reconciling every month at the very least. So I jumped in and took over. 

I think your right, I think the $71 charge is out there from a date in November and I probably should go back, undo this reconcile and start from October, then November and then December to Sweep it all up.

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