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snellagaviation
Level 1

Reconcile

Hello All,

I am new to QB Online. I am trying to reconcile 3 months of bank statements to QB. I know that when done right, you will get $0.00. I am way way off of this figure and I am pulling my hair out! I have noticed that some, not all, of my deposits show in the credit column and debit column. I have gone through the steps but still must be doing something wrong. Help Please. I need someone to walk me through step by step to get the prize of $0.00

2 Comments 2
Rubielyn_J
QuickBooks Team

Reconcile

I've got your back, @snellagaviation. I'm here to make sure have your ending balance will have a difference of $0.00.

 

Here are the possible causes of ending balance issues:

 

  • An incorrect ending balance at the start of the reconciliation.
  • Missing or duplicate transactions in QuickBooks.
  • Transactions entered into QuickBooks that haven't cleared your bank yet.

 

To fix this, let's start by reviewing the opening and beginning balances. When it's already accurate, check the ending balance you entered. Make sure you recorded the correct amount. To verify, here's how:

 

  1. In the Reconciliation window, click Edit info.
  2. Evaluate the Ending balance and Ending date.
  3. Check your bank statement and make the necessary changes.
  4. When you're done, click Save.

 

If there's still a difference in QuickBooks, let's proceed to the next step. If your bank combined several payments as a single record, you should do the same in QuickBooks. If you notice you didn't combine the same payments in QuickBooks, put them into the Undeposited Funds account and then make a bank deposit

 

If the issue persists, let's make sure you entered everything into QuickBooks. If your accounts are connected to online banking, review and categorize all of your downloaded transactions.

 

  1. In QuickBooks, go to the Sales menu.
  2. Look for transactions you see on your bank statement, but not in QuickBooks.
  3. If you find any, click to open them.
  4. Check the Deposit to or Payment account. Make sure the transactions are in the correct account. 

 

Once done, remove transactions that aren't on your bank statement. Let me show you how:

 

  1. Review the transaction date and review your bank statements for that time period.
  2. Make note of the date and amount of the transaction.
  3. Run a Past Reconciliation report for those dates.

 

If a transaction in QuickBooks closely matches one on your bank statement but the amount is slightly off, reach out to your accountant. You shouldn't edit transactions, like invoices, that customers already paid for. On the other hand, check for added fees to transactions that weren't included when you entered them into QuickBooks. 

 

Once your accounts are balanced, you can finish reconciling

 

I've also added this to learn the reconcile workflow in QuickBooks

 

Keep us posted if you still need help with your reconciliation. We're always ready to jump in and offer our help again. Have a wonderful day.

Rubielyn_J
QuickBooks Team

Reconcile

Hi, @snellagaviation.

 

Hope you’re doing great. I wanted to see how everything is going about the reconciliation concern you had the other day. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at any time.

 

Looking forward to your reply. Have a pleasant day ahead!

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