Reconciliation of Transfer Transactions

Vedika · ‎October 17, 2023

Hi,

I am reconciling bank statements for my client dating all the way back to 2014. He does not have bank statements for all months from that year, but had an excel sheet with manually exported statements. Most of the bank transactions were entered into QBO manually and not through bank feeds.

Although most transactions are reconciling, there are a few transfer transactions between his checking and savings account which I'm able to reconcile for one account but not for the other. Attaching screenshots of both bank register with one such transaction for better understanding.

Please help understand why this could be happening and how to resolve the same. Thank you!

MorganB · ‎October 17, 2023

Good morning, Vedika.

Thanks so much for contacting the Community for support. I want to make sure you're able to help your client with their reconciliation in QuickBooks Online.

Discrepancies can appear during the reconciliation process for a variety of reasons. Reasons such as duplicate entries and most commonly - beginning balance issues.

Here's how you can get this fixed:

1. Review the original opening balance.
2. Check your bank statement and ensure you're reconciling the correct account for the month.
3. Match and categorize downloaded transactions.
4. Review any discrepancy reports.

I'm linking a few articles that cover how to fix any problems you come across while reconciling an account:

This info will get you back on track to complete the reconciliation. Of course, you're always welcome to reach back out here if you have any other questions. Take care!

View solution in original post

MorganB · ‎October 17, 2023

Good morning, Vedika.

Thanks so much for contacting the Community for support. I want to make sure you're able to help your client with their reconciliation in QuickBooks Online.

Discrepancies can appear during the reconciliation process for a variety of reasons. Reasons such as duplicate entries and most commonly - beginning balance issues.

Here's how you can get this fixed:

1. Review the original opening balance.
2. Check your bank statement and ensure you're reconciling the correct account for the month.
3. Match and categorize downloaded transactions.
4. Review any discrepancy reports.

I'm linking a few articles that cover how to fix any problems you come across while reconciling an account:

This info will get you back on track to complete the reconciliation. Of course, you're always welcome to reach back out here if you have any other questions. Take care!

Vedika · ‎October 23, 2023

Hi Morgan,

Thank you for the help. I was able to fix the discrepancies with the help of the articles sent.

Shania_C · ‎October 23, 2023

Hi there, @Vedika.

Thank you for letting us know that the steps provided by my colleague were helpful to you in reconciling transfer transactions in QuickBooks Online (QBO). If you have any further concerns or queries, please do not hesitate to reach out to the Community. We are always here to offer assistance.

Keep safe!

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Reconciliation of Transfer Transactions