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K
Kellyfl
February 21, 2019
Solved

Reconciliation discrepancy

  • February 21, 2019
  • 2 replies
  • 17 views

Okay, so I think I found where my discrepancy is but no idea how to fix it.

 

I am trying to reconcile May and I've checked that beginning balance and Statement ending balance are right.

On the May bank statement says I have 5 deposits and 45 payments and I matched the deposits but on my reconcile window says that I have matched 46 payments but that is not right! I have counted them many times and as the bank statement says, there are 45 payments. I have a $3,394.56 difference but I have matched all the transactions and I still can't figure out why Quickbooks says there are 46 payments when I only count 45 payments (checks and other charges) on Quickbooks and bank statement.

 

Help Please!!

    Best answer by john-pero

    Uncheck "hide transactions after statement date" , sort transactions by amount. That should help you find the one future item that was marked cleared 

    2 replies

    john-pero
    john-peroAnswer
    Level 12
    February 21, 2019

    Uncheck "hide transactions after statement date" , sort transactions by amount. That should help you find the one future item that was marked cleared 

      K
      KellyflAuthor
      February 21, 2019

      Thank you! This really helped!

      Angelyn_T
      Angelyn_TModerator
      Moderator
      July 27, 2023

      I am having the same issue with a difference amount but it matches the bank statement.  

      I have searched for the 242.26 amount and it was not found.

      I also went and all of the transactions are showing a blank status (so I can reconcile)

      What is the next step to find the difference?

       

       

       


      I appreciate you joining the thread, Shaundra2. Let me share some solutions to find or fix the discrepancy when reconciling your account.

       

      Aside from checking for duplicate transactions and edited/deleted entries, I recommend examining your account's opening balance to determine the discrepancy. The opening balance plays a big role in your financial record. If it’s incorrect, it affects all following reconciliations.

       

      To start, review the opening balance in QuickBooks:

       

      1. Click on Chart of Accounts from the Gear or Accounting menu.
      2. Find your account on the list.
      3. Tap on View register.
      4. Search for the opening balance entry. It should have "Opening Balance Equity" in the Account column.
      5. Take note of the date and balance.

       

      If you forgot to enter an opening balance, enter it manually using a journal entry.

       

      Now that you have the opening balance information, compare it to your bank records:

       

      1. Sign in to your bank's website, or find your bank statement.
      2. Check the account's balance for the same day as the opening balance in QuickBooks.
      3. Compare the two balances.

       

      If the opening amount in QuickBooks does not match your bank data, make the following changes:

       

      1. In QuickBooks, select the opening balance entry to expand the view.
      2. In the Deposit column, edit the balance so it matches your bank records.
      3. Tap Save.

       

      Once the balances match, you can go to your account's register and ensure that the Opening Balance Equity is reconciled (R).

       

      This page will also guide you on what to inspect before you begin your reconciliation: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

       

      Leave a remark below if you have follow-up questions about your reconciliations or bank data. I'm only a few clicks away from assisting you once more. Keep yourself safe!

      J
      Jesseov
      April 28, 2020

      I'm having the same issue!!

      I have counted the number of payments on the statement 209, I have gone through the quarter and ticked each one off, one by one and quickbooks counts 212 payments.

       

      I'm not sure where the extra three are hiding but I've repeated this 4 times.  There is definitely 209 on the statement and going through one by one by one we somehow arrive at 212.

       

      I've started by clearing all ticks and it starts at 0 and at some point 3 hidden transitions arrive on the tally and there is a discrepancy of $1,877.50.  I'm really confused! Please help.

      J
      JamesDuanTQuickBooks Team
      QuickBooks Team
      April 28, 2020

      Let's figure out why we have these extra transactions when you reconcile the account, Jesseov.

       

      Reconciliation discrepancies are usually caused by the following factors:

      • duplicate transactions
      • transaction was associated to a different bank account
      • previously reconciled transactions were edited or deleted
      • the opening balance or an account is incorrect

      I'd recommend reviewing your previous period's reconciliation. This will help us determine whether the opening balance for the current period is correct. You can follow the steps in this link: Fix beginning balance issues if you've reconciled the account in the past QuickBooks Online.

       

      In addition to that, you visit these links about reconciliation in QBO:

      Let me know how this goes so we can further assist you.

      J
      Jesseov
      April 28, 2020
      I found three transactions for some reason were marked with a “C” in the register that tallied to $1,877.50.  I reconciled in register and marked them with an “R"
       
      It then said the beginning balance is off, as they were from a previous reconciliation.  I then realised they were in fact duplicates.
       
      What was confusing was that I was selecting the period 30/12/20 to 30/3/20 and these 3 payments were showing in the tally of the total payments.  It would have been nice if it was highlighted that the three hidden transactions were from the previous period. 
       
      I have also realised why I was getting duplicates in the first place.  I had been using a third party plugin to scan receipts and these weren't always matching what was in the banking tab.  Maybe safer to add and match transactions in the banking tab in future.
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