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Level 1

reconciliation issues

I am doing a bank reconciliation and have a reoccurring error.  Everything is reconciled, but the difference is the same as the services charges. How do I fix this problem? I called an accountant and they said I needed to enter the service charges as a check.  I know in the first few reconciliations I didn't have to do it that way. Have I done something that has changed the way it is reconciling? If so what do I do to fix it? 

5 Comments
Highlighted
Moderator

reconciliation issues

It might be you've entered service charges from previous reconciliation in QuickBooks, Northsound.

 

You'll want to record the service charge by creating a check as recommended by your accountant. Then, manually clear the check from the register to balance the reconciliation.

 

You can go to the Banking menu and select Write Checks. Then, select an account advised by your accountant.

 

To manually clear the check:

 

  1. From the Lists menu choose Chart of Accounts.
  2. Locate the account and double-click on it to open.
  3. Find the check you've created
  4. Put a checkmark to clear the check.Capture.PNG

Let me share this link in case you want to learn what to do if your accounts in QuickBooks don't match your bank statements at the end of a reconciliation: Fix issues when you're reconciling in QuickBooks Desktop.

 

Keep us posted if you have any other concerns. We'll be around.

Highlighted
Level 1

reconciliation issues

I tried that. The service charge still shows as a negative number, then the difference is doubled.  What next?

Highlighted
QuickBooks Team

reconciliation issues

Thanks for reaching back out, @Northsound.

 

I’m happy to help you fix the reconciliation discrepancy. Here’s how to find and fix issues so you can finish reconciling. 

 

Step 1: Review your opening and beginning balance

Once you know these are accurate, you can start looking for other issues.

 

Step 2: Look for changed, deleted, or added transactions

There are several reports that show you if anything has been changed, deleted, or added. You can run a Reconciliation Discrepancy Report. This report shows any transactions that were changed since your last reconciliation. 

  1. Go to the Reports menu. Hover over Banking and choose Reconciliation Discrepancy.
  2. Select the account you're reconciling and then click OK.
  3. Review the report. Look for any discrepancies.
  4. Edit the transaction as needed.

You can also run a Missing Checks Report and a Transaction Detail Report.

Let me guide you on how to run a Missing Check Report: This report shows any missing checks that may throw off the balance of your reconciliation.

  1. Locate the Reports menu. Hover over Banking and select Missing Checks.
  2. Go to the account you're reconciling and then pick OK.
  3. Review the report. Look for any transactions on the report that aren't on your bank statement. If they aren't on your bank statement, they shouldn't be on your reconciliation.

Running a Transaction Detail report shows if any transactions have changed.

  1. Find the Reports menu. Hover over Custom Reports and go to Transaction Detail.
  2. Locate the Display tab.
  3. In the Date From field, choose the earliest date in QuickBooks for the account
  4. Choose the Date to the field, select the date of your last reconciliation.
  5. Go to the Filters tab.
  6. In the Account field, select the account you're reconciling
  7. In the Entered/Last Modified field, set the Date from to the date of your last reconciliation. Then set the Date to the field to today's date.
  8. Select OK to run the report.
  9. Look for any discrepancies or transactions that don't match what's on your bank statement.

Step 3: Look for reconciliation adjustments

You’ll need to review the account and make sure no one made any inaccurate adjustments.

  1. Go to the Lists menu and select Chart of Accounts.
  2. Open the Reconciliation Discrepancies account.
  3. From the Dates field, set dates for your last few reconciliations.

 

Once done, you can Finish Reconciling.

 

Let me know if there’s anything else I can help you with.

Highlighted
New Member

reconciliation issues

Did you ever solve this issue.  I am having the same problem.

Highlighted
QuickBooks Team

reconciliation issues

Thanks for joining this thread, charrington3571.

 

It could be that you've already entered a service charge. Then, you also enter this amount during the reconciliation.

 

You'll want to pull up your bank statements, compare the list of transactions with what you entered into QuickBooks. If everything matches, you know the account is balanced and accurate.

 

Before you start reconciling an account, the system will ask you to enter a service charge or interest that wasn't entered in QuickBooks. See the attached screenshot below to see the actual data.

servicecharge.PNG servicecharge1.PNG

 

You can click the Modify button and remove the service charge amount. Doing this will fix the error when you reconcile your bank.

 

If the same issue persists, I recommend following the steps provided by Emily M. It will help determine what causes the discrepancy when you reconcile the account.

 

Stay in touch with me on how this goes by commenting below. I'm always right here to help ensure you're able to reconcile your bank account successfully.

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