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Community Contributor **

Reconciliation discrepancy

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!!

Solved
Best answer 02-21-2019

Accepted Solutions
Established Community Backer ***

Re: Reconciliation discrepancy

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

14 Comments
Established Community Backer ***

Re: Reconciliation discrepancy

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

Community Contributor **

Re: Reconciliation discrepancy

Thank you! This really helped!

Established Community Backer ***

Re: Reconciliation discrepancy

Glad to help, I have had the same thing happen to me

Not applicable

Re: Reconciliation discrepancy

So I'm having this exact same issue, but all of the Uncleared Checks and Payments after 2017 (I'm working on Reconciling 2018) don't match up to the "Difference" amount on the Reconcile page. I know for a fact that there is an extra payment of $300.00. I can't sort the list by amounts on the Reconciliation Summary. 

Moderator

Re: Reconciliation discrepancy

Thanks for joining this thread, HHHInc.

 

I'm here to help you resolve the reconciliation differences.

 

First, let's sort the transactions by amount. I'll show you how:

  1. On the Reconcile page, click the Payment column twice.
  2. Double-click the Deposit column.

Please refer to the screenshot below.

 

image.png

 

As for your main concern, there are a few reasons why the difference amount won't match up on the Reconcile page. It's possible that there are missing transactions, incorrect opening or ending balance.

 

To make sure the beginning balance of the reconciliation is correct, please follow the steps below:

  1. On the Reconcile page, click the Edit info button.
  2. In the Edit the information from your statement screens, verify that the Ending balance and Ending date information matches the information from your statement (refer to the screenshot below).
  3. Make any necessary changes to the Ending balance and Ending date.
  4. Click Save.

image.png

 

This article will provide you more troubleshooting about reconciliation: How to resolve reconciliation differences.

 

That should do it. Let me know how this turns out. I'm happy to help some more if you have questions in QuickBooks Online. Have a good one.

Not applicable

Re: Reconciliation discrepancy

So the Beginning and Ending Balance are correct. The number of transactions for the month of January 2018 are correct. I've printed out the Bank statement and the January transactions to Reconcile and went through them line by line and everything matches up. Just getting an extra payment amount of $300.00 but I can't seem to be be able to figure out where it came from. Could it be possible that the data is corrupted somehow?

Anonymous
Not applicable

Re: Reconciliation discrepancy

Hello, @HHHInc.

 

Allow me to step in and help share additional information about where this payment came from.

 

This might be a duplicate payment. To check this out, you'll need to open this extra payment and check if the date and amount match with your bank statement. If it shows up, check your Bank Register in QuickBooks to see if this is a duplicate transaction. If it is, you'll need to delete the extra payment.

 

Keep me posted how it goes. I'll be here to help if you have other questions about your reconciliation discrepancy.

Not applicable

Re: Reconciliation discrepancy

Now how would I be able to open this extra payment? I printed out the list of transactions from the Reconcile screen and my Bank Statement and went line by line checking them off. I can't seem to find it, and QBO doesn't make it easy to find said extra payment. Capture.JPG

Moderator

Re: Reconciliation discrepancy

Thanks for sharing a screenshot and keeping us updated, HHHInc.

 

Let me help you fix the reconciliation difference.

 

It looks like the difference between your bank statement and QuickBooks Online is a single transaction amount. If so, filter the list to search for a transaction of that amount.

 

Let me show you how:

  1. Click the Filter (funnel icon) button.
  2. Enter the amount of the difference in the Find field.
  3. Select Apply.

The screenshot below shows these steps as well.

 

image.png

 

Let's still give this a try, and see if the steps above will work. I'd like to make sure that you're able to resolve this concern, so please let me know how it goes by posting a comment below. Best regards. 

Not applicable

Re: Reconciliation discrepancy

Nope, same thing. Could there be an issue with the data imported in from the bank stream?Capture.JPG

Moderator

Re: Reconciliation discrepancy

Thanks for coming back to the Community, HHHInc.

 

I can share another troubleshooting that will help us determine the reason of the difference amount.

 

This issue may be caused by a transaction that was manually reconciled in your register. Since we don't currently have an option to review which transaction was manually reconciled, please undo the entire reconciliation. To do this, you must edit each transaction.

 

Let me show you how:

  1. Click the Gear icon at the top.
  2. Choose Chart of Accounts.
  3. Locate the appropriate account for the transaction, and click View Register.
  4. Identify the transaction to edit.
  5. In the reconcile status column (indicated by a check mark), repeatedly select the top line of the transaction to change the status of the transaction.
  6. Codes indicate the status of the transaction (refer to the screenshot below):
  • C - Cleared
  • R - Reconciled
  • Blank - Not cleared or reconciled

image.png

             7. Select Save.

 

If you have too many transactions to edit and you're connected to an accountant in QuickBooks Online, you can ask them to undo the reconciliation for you.

 

Once done, please check your register if there is still a reconciled transaction. In most cases, that's the reason for the difference amount. If it's a duplicate transaction, then you can delete it.

 

Lastly, reconcile your account again.

 

I'd like to make sure that you're able to resolve your reconciliation, so please let me know how it goes by posting a comment below. Best regards. 

Not applicable

Re: Reconciliation discrepancy

Good Morning,

Thank you for helping me. I would like to know how to fix a reconciliation discrepancy on a credit card. I have a 4,352 $ reconiliation discrepancy on a credit card and don't know how to deal whit it.

Thank You

Reginald 

Not applicable

Re: Reconciliation discrepancy

Good morning,

 

Thank you for helping me, Until today I am trying to fix a reconciliation discrepancy that hapened on a credit card in February and don't know how to proceed. All the answers I could find are for checks but never for credit card reconciliation.

Regards,

RBilly

Moderator

Re: Reconciliation discrepancy

Sending good vibes to you, RBilly.

Let me help you fix your reconciliation discrepancy for credit card account in QuickBooks.

 

Editing the transactions can cause a discrepancy in your previous reconciliation. If you already reconciled the following month after February, you'll need to undo all the transactions that were reconciled and manually check each transaction for changes made.

 

If you decide to undo the last reconciliation you can follow the detailed steps provided by my peer above. Also, the assistance of an accountant is a must. Your accountant can provide you expert ways of dealing with this situation.

 

To know more about reconciliation in QuickBooks Online, check these out:

 

For account discussion, feel free to reach out to our QuickBooks Online Support. To reach us, please follow these steps:

 

  1. Sign into your QuickBooks Online Company.
  2. Click (?) Help at the upper right corner.
  3. Select Contact US on the pop-up.
  4. Enter a brief description of your concern then hit Continue.
  5. Click Get a callback.
  6. Enter your contact information.
  7. Select Call me.

You stay connected with me if you have more questions about reconciliation in QuickBooks Online. Have a nice day.

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