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ABC1236
Level 2

Hi,

I don't understand why the ending and cleared balances don't match. The beginning month balance in QB matches the bank statement. There are four deposits in both QB and the bank statement and the totals match. There are four debits in both QB and the bank statement and the totals match. The bank balance matches QB cleared balance. The ending balance is $60 higher. I don't understand where the difference comes from. 

Solved
Best answer September 11, 2020

Best Answers
JessT
QuickBooks Team

Hi ABC1236,

 

Thank you for making sure that your transactions in QuickBooks match the transactions in your bank statement. We'll trace this $60 difference in your reconciliation, and I'll explain about the Cleared Balance as well.

 

Since we're also sure that the Begining and Ending Balances are correct, let's go back to your Reconcile window and make sure you only clear (put a checkmark) the transactions that belong to the reconciliation period.

 

Clearing transactions dated outside the period will change the Cleared Balance and will cause a difference. That balance should always equate to the Ending Balance after clearing all transactions.

 

In the screenshot below, I'm reconciling my April transactions.

 

 

I'm just right here if you have other questions with your reconciliation. Have a good one!

View solution in original post

12 Comments
AileneA
QuickBooks Team

Let's work hand in hand to fix the differences in your account, ABC1236. 

 

There are some reasons why this occurs, which may cause damage data, and we can fix this by performing the Verify data and Rebuild utility tools in QuickBooks Desktop. This way, it'll return to its default order and automatically fixes minor company record data issues. The Verify Data utility identifies any potential data damage issues, while the Rebuild Data utility repairs data in your company file.  

 

If the program is in multi-user mode, you need to change to single user mode (Go to File -> Switch to Single User Mode). It is very important that you have to create a backup copy of your company file before running Verify and Rebuild Data.   

 

Verify Data:  

 

  1. Press the File menu.  
  2. Choose Utilities from the drop-down option.   
  3. Select Verify Data.  
  4. Tap Ok to continue.  

 

Note: If the verify process is successful, you are done. In case it fails due to some problem, QuickBooks will notify you to run Rebuild data.  

 

Rebuild Data:  

 

  1. Click the File tab at the top. 
  2. Select Utilities from the drop-down option.  
  3. Choose Rebuild Data.  
  4. Click Ok on Rebuild has completed.     

 

When the verify/rebuilding data finished, we can close and reopen your file to revamp it. Or restart your computer to refresh your QuickBooks data.   

 

However, if the issue persists after doing the steps above, I suggest contacting our QuickBooks Desktop Support Team. They'll be able to pull up your account in a secure environment and help you navigate using one of their tools. 

  

Let me know how everything goes by leaving a comment below or if there's anything else I can help you. I'm always around to help you out. Take care!

ABC1236
Level 2

I found the verify data option from the utilities group. The Verify data function did not find any issues with the data, so the rebuild utility tool was not needed.

I contacted help through a chat session and was provided some standard instructions for finding discrepancies and reconciliation. I read the instructions and ran some of the reports, but found nothing and didn't expect to. I do this work for a small business and it was a slow month. As mentioned in the previous post, there were only a few debits and credits, the beginning balances matched and the cleared balances matched. 

I don't really understand where the $60 difference came from when I am the only one who uses Quickbooks. 

My only option is pay the $300 cost for support out of my own pocket for QB support. 

Is there anything from QB which clearly explains the difference between cleared and ending balance and how they can differ when the beginning balance is the same and all the credits and debits match. 

JessT
QuickBooks Team

Hi ABC1236,

 

Thank you for making sure that your transactions in QuickBooks match the transactions in your bank statement. We'll trace this $60 difference in your reconciliation, and I'll explain about the Cleared Balance as well.

 

Since we're also sure that the Begining and Ending Balances are correct, let's go back to your Reconcile window and make sure you only clear (put a checkmark) the transactions that belong to the reconciliation period.

 

Clearing transactions dated outside the period will change the Cleared Balance and will cause a difference. That balance should always equate to the Ending Balance after clearing all transactions.

 

In the screenshot below, I'm reconciling my April transactions.

 

 

I'm just right here if you have other questions with your reconciliation. Have a good one!

View solution in original post

ABC1236
Level 2

 

Your response was totally unhelpful. My original question was that my beginning balance in QB matches the bank statement. The bank statement ending balance matches the QB cleared balance. I have four debits and four credits in the QB journal. The four debit entries match and equal bank statement debit total. The four credit entries do the same.

 

The QB ending balance is $60 higher than the QB cleared balance. 

 

I am the only one who uses QB.  I have no idea where to look for the $60 discrepancy.

 

Rejeil_O
QuickBooks Team

Thanks for getting back here in the thread @ABC1236.

 

The best way to locate the discrepancy of $60 on your QuickBooks Desktop account is to contact our QuickBooks Support. Also, please provide them your bank statement. In that way, they can compare the transaction that is entered on your QuickBooks and your financial institution statement.

 

Please follow these steps on how to contact our QuickBooks Support:

 

  1. Go to the Help menu.
  2. Choose the QuickBooks Desktop Help tab.
  3. Enter your concern.
  4. Click the Contact Us button.
  5. Select Continue.
  6. Choose either Start messaging or Get a callback.
  7. Fill up all the information needed.
  8. Click Submit or Confirm my call.

 

I'd also recommend visiting this article to make sure we address your inquiry on time: Support hours and types.

 

You might want to use the Previous Reconciliation report so you can review your past reconciliation, you can refer this link for more information: Get reports for previous reconciliations in QuickBooks Desktop.

 

If you have additional questions, please don't hesitate to leave a message in the comment section. I'm always around here in the Community to help. Take care, and have a good day.

ABC1236
Level 2

My apologies. You did help me understand what I needed to understand. 

CScotty
Level 1

Sorry to resurrect an old thread.  I'm facing a similar issue. Can you please share what the solution was?

jamespaul
QuickBooks Team

Hello, CScotty.

 

I'll highlight the solution and elaborate it to resolve the balance discrepancies. 

 

It looks like ABC1236's issue has been resolved by one of my colleagues, JessT. 

 

Looking back to his original response, you'll want to review your bank register and those previously reconciled transactions. What we're looking for is the transaction that causes the discrepancy.

 

I'm permalinking their answer for convenience: JessT's response

 

You also mentioned that the February 20 (your last thread) is correctly reconciled with the correct balances (cleared and ending balances). In this case, you can start reviewing those transactions up until the current period. 

 

When you finally locate the discrepancy, do a special reconciliation to correct the balances.

 

I do recommend reaching out to an accountant before doing this. They'll ensure your books are accurate and correct when dealing with the current period. 

 

We do have other articles to help you out in other processes. Check them out if you need assistance recording the current period's transactions. 

 

I'll share other processes to help you out in managing your books in the Desktop platform. Just let me know by creating a new thread. I'll be there to assist you. 

mgraschke
Level 1

I am having the same issue, and it's frustrating to say the least.

 

My previous reconciliation shows a Cleared Balance that matched my bank & Quickbooks.. Life is good.. Well, until the next statement comes in.. My current bank statement MATCHES the PREVIOUS RECONILIATION REPORT under the "Cleared Balance", yet this is NOT the Beginning Balance that was previously reconciled.. I try to go back to the previous month, and the numbers are still off.

 

There were no previous changes or deletions to understand why the reports are not matching up.. 

 

Please help.

 

Mike

Charies_M
Moderator

Help is here, mgraschke.

 

Issues with beginning balance can be fixed by the following a few steps.

 

The first step is to review the original opening balance before checking your bank statement. Make sure you're working with the correct account for the correct month. Then you can match and categorize downloaded transactions.

 

Once done, you can run the Discrepancy report. This will show the transactions that affects the incorrect balance and what are the changes you need to make.

 

Here's how:

  1. Go to Accounting and choose Reconcile.
  2. Select the We can help you fix it link to open your discrepancy report.
  3. Review the discrepancy report. Use it to decide if and how to make changes.
  4. Before editing anything, talk with whoever made the changes - they may be intentional.

Once done, review each transaction on the report one at a time:

  1. Select View to see the history of changes to the transaction.
  2. Review the Change Type column. This tells you what changed.  
  3. Make edits based on the message in the Change Type column:

Here's an article that provides more details on how to fix issues with beginning balance: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

 You can check out these articles that can give some insight into reconciling and split transactions: 

I want to make sure that you're able to get back to running your business as soon as possible. I'll be back around shortly. 

mgraschke
Level 1

I am not using QBO.. Using Quickbooks Premier Desktop version..

Giovann_G
QuickBooks Team

Hello, mgraschke.

 

I can guide you in fixing the incorrect beginning balance.

 

You can run Reconcile Discrepancy or Audit Trail report to fix the incorrect balance. I'll show you how.

 

Here's how to run the Reconcile Discrepancy report:

 

1. Click the Reports menu, then select Banking.

2. Choose Reconciliation Discrepancy.

3. Select the appropriate Account, then hit OK.

4. You now have a list of transactions that were changed since the last reconciliation. Use this report to identify the transactions causing the issue.

5. If you find a discrepancy, note the transaction date and the Entered/Last Modified, which will tell you when the change occured.

 

Here's how to run the Audit Trail report:

 

1. Click the Reports menu, then select Banking.

2. Choose the Previous Reconciliation.

3. Select the appropriate account being reconciled.

4. Click the most recent statement date. Choose Transactions cleared at the time of reconciliation, then hit Display.

5. Note the statement and the reconciliation creation date.

6. Go to the Reports menu again, then select Accountant & taxes, and then Audit trail.

7. Set the Account filter to the account being reconciled.

8. Go to the Display tab and set the Date filter with the From field blank and the To date set to the statement date.

9. Select OK, then set the Entered/Modified filter with the From date set to the previous reconciliation creation date from the PDF, and the To field as today's date.

10. See if any of the transactions in the report can account for the discrepancy.

 

To correct the discrepancy, you need to re-enter or edit the transactions in QuickBooks Desktop.

 

You can review this guide for more info: Fix issues when you're reconciling in QuickBooks Desktop.

 

Let us know if you have further questions about your beginning balance. We're always here to help you.

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