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I'm performing my second reconciliation. The beginning balance, statement ending balance, payments and deposits match the bank statement, but the cleared balance does not. So when I choose the deposit entry that increases the cleared balance to match the bank statement, the deposits are then too high. Yet, it reconciles to $0.00 when I do this. This doesn't set well with me. Is there a fix or something I'm overlooking?
I'm here to help you fix the discrepancy, @keishanharrison.
Thank you for attaching a screenshot. I can provide some information that will help you reconcile your account without trouble. This way, your books are accurate without a moment's delay.
Here are some things you can check to ensure the discrepancy amount will resolve as soon as possible.
- Make sure the ending balance is entered correctly at the start of the reconciliation.
- The bank sometimes adds fees to transactions that weren't included when you entered them into QuickBooks. Check your bank statement.
- The transactions included in the reconciled periods are correctly reconciled to their respective dates.
- Someone entered transactions into QuickBooks that haven't cleared your bank yet.
5. There are missing or duplicate transactions in QuickBooks.
6. Someone accidentally changes any transactions that can't see in the current.
For more information, visit this page: Fix issues at the end of reconciliation.
To figure this out, I'd recommend running the past reconciliation history. This way, we can double-check the history if there is something to do.
Here's how:
- Go to the Reports menu on the left pane.
- Type Reconciliation Report in the search box.
- Choose the accurate Account and Report period in the drop-down.
- Review all the data. Modify the transactions if needed.
For more details, check out this article: How do I view, print, or export a reconciliation report?
If you can't find errors in QuickBooks, there may be an error with the bank or credit card company. Here's how to check for mistakes on your bank or credit card statement.
Once you've figured this out and your accounts are balances, you can now finish reconciling.
Additionally, check out these pages below about how to fix some errors in reconciling accounts and handling your chart of accounts.
- Fix issues for accounts you've reconciled in the past in QuickBooks Online
- Learn about the chart of accounts in QuickBooks
Let me know in the comment section if you have follow-up questions about reconciling accounts. I'm always around to help. Take care.
