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JodieS
Level 2

When reconciling bank account there is an amount in the difference field

Ready to finish reconciling because the beginning & ending balances match as well as the deposits & withdrawals.  I noticed there is an amount of $1,633.72 in difference field when it should be zero.  Ending & cleared balance match also.  I don't get it.  

Solved
Best answer December 28, 2020

Best Answers
BigRedConsulting
Community Champion

When reconciling bank account there is an amount in the difference field

If there is a difference, the means the sum of the transactions you've marked as cleared does not add up to the ending balance entered.

 

The formula is:

Beginning Balance + sum of activity = Ending Balance.

...or, with more detail:

Beginning Balance + sum of deposits - sum of payments = Ending Balance.

 

So, if the beginning balance matches your statement, and if you entered the correct ending balance from the statement, then if there is a difference, either the sum of deposits or the sum or payments must be different than what actually cleared the bank for the statement.

View solution in original post

3 Comments
BigRedConsulting
Community Champion

When reconciling bank account there is an amount in the difference field

If there is a difference, the means the sum of the transactions you've marked as cleared does not add up to the ending balance entered.

 

The formula is:

Beginning Balance + sum of activity = Ending Balance.

...or, with more detail:

Beginning Balance + sum of deposits - sum of payments = Ending Balance.

 

So, if the beginning balance matches your statement, and if you entered the correct ending balance from the statement, then if there is a difference, either the sum of deposits or the sum or payments must be different than what actually cleared the bank for the statement.

View solution in original post

JodieS
Level 2

When reconciling bank account there is an amount in the difference field

Yes you are absolutely right! Thank you!  I looked at my figures again & what do you know, the ending balance on statement had a negative value & I entered a positive value in QB for ending balance.  I don't know how I didn't catch that.  Tired eyes I suppose.  Thanks again!!

JodieS
Level 2

When reconciling bank account there is an amount in the difference field

Yes, you are absolutely right!  I went back & looked at my figures & what do you know.  For ending balance in QB I entered a positive value when the bank statement had a negative value as ending balance.  I don't know how I missed that.  Tired eyes I suppose.  Thank you so much for your help!

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