Skip to main content

Get 50% OFF QuickBooks for 3 months*

Buy now
Switch to QuickBooks and 70% off for 3 Months
Talk to Sales: 877-683-3280
Hours
Mon - Fri, 5am - 6pm PST
Sat - Sun, 7am - 4pm PST
Product support & help
Need help signing in?
K
Kellyfl
February 21, 2019
Solved

Reconciliation discrepancy

  • February 21, 2019
  • 2 replies
  • 11 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!

      A
      acmlslong
      August 3, 2023

      Help has arrived, @acmlslong. I’ve got some fixes to get this beginning balance issue settled.


      Before that, let me share the causes of why the beginning balance is incorrect. These are the following:

       

      • The account isn't set up with the right balance
      • Previously cleared and reconciled transactions were voided, deleted, or modified
      • Someone added transactions that are older than the opening balance but didn't edit the original one to reflect the change
      • Someone manually reconciled a transaction, so it didn't show up on the next
      • Possible data damage


      Aside from checking your statement and bank register, review the original opening balance and categorize all transactions to get your final and correct beginning balance. Then, use the Audit log feature to track any updates, especially the amounts that made this occurrence.


      Here’s how:

       

      1. Go to the Gear and select Audit Log.
      2. Click Filter.
      3. Use the fields on the panel to choose the appropriate User, Date, or Events to narrow the results.
      4. Press Apply.


      See step 4 in this article for complete instructions on how to check and edit the events: Fix issues for accounts you've reconciled in the past in QuickBooks Online.


      If everything is accurate and intact, try to open your account in an incognito or other supported browser to sort this out. If the balance is correct, get back to your regular browser and clear its cache. Doing this helps your program run smoothly.


      You can use these resources to get more insights on how to manage your accounts, reconciliation, and discrepancies properly:

       


      You can always get back to this thread and add comments if you need further assistance with your reconciliation. I’m ready to lend a hand to ensure all concerns are covered.


      So something seems terribly wrong...  Two things to note:

      1.  When I run the audit log, I see 74 transactions deleted over the past month -- include Journal Entry 1!  I know that I did not go in and delete these.  I do recall that I was having a problem with quickbooks and for awhile had to hit "refresh" every time I wanted to enter something.  Could this be related in some way? 

      2.  When I go to my bank account and hit reconcile, see the alert for the beginning balance discrepancy and hit "help me fix it", the report only generates one listing of a single check that was deleted -- yet it is showing up in my back register (as are the other transactions that were supposedly deleted) saying it has been reconciled.  Despite this I attempted to add the check back in and I was alerted that, sure enough, another check already exists with this number.

       

      Could I have a glitch in my system?

       

      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.
      Need QuickBooks guidance?
      Log in to access expert advice and community support instantly.
      Terms & ConditionsAccessibility statement