Reconciliation - Desktop MAC

UNIACCT · ‎July 06, 2021

I am trying to reconcile my 2020 year, but the difference is really high!

- All of the deposits and checks match what I have recorded.

- The beginning balance matches.

- The cleared balance matches what I had in the bank on 12/31/20.

- All other accounts are balanced/reconciled.

- All transfers between accounts are also balanced/reconciled.

However, the difference is 1,189.25, how do I fix this?

Pete_Mc · ‎July 06, 2021

If everything REALLY reconciled, I'm not sure what you think is not matching. Can you give us some more details.

And remember, just because you Reconciled, there is a strong possibility that there are outstanding checks or Credit Card charges that did not make it to the December statement. There may be other Invoices you entered that you did not pay until January. All sorts of payments or liabilities that may cross over into January 2021.

So take another look and confirm you're really not balanced or if you just have some items that moved into 2021. If you really need to for reporting purposes, you can make some adjusting entries on 12/31 and then reverse them on 01/01, but I would check with your accountant before doing that.

View solution in original post

Pete_Mc · ‎July 06, 2021

If everything REALLY reconciled, I'm not sure what you think is not matching. Can you give us some more details.

And remember, just because you Reconciled, there is a strong possibility that there are outstanding checks or Credit Card charges that did not make it to the December statement. There may be other Invoices you entered that you did not pay until January. All sorts of payments or liabilities that may cross over into January 2021.

So take another look and confirm you're really not balanced or if you just have some items that moved into 2021. If you really need to for reporting purposes, you can make some adjusting entries on 12/31 and then reverse them on 01/01, but I would check with your accountant before doing that.

UNIACCT · ‎July 07, 2021

Hi Pete,

I doubled checked, there are no outstanding checks, credits charges, or invoices. Also there no payments or liabilities that coss over to January 2021.

I also ran all sorts of reports and there's nothing showing in January 2021 and beyond.

This is very puzzling! Thank you for your help!

RenjolynC · ‎July 07, 2021

Thanks for your reply, UNIACCT.

I'd like to share a solution.

You'll want to review the account and make sure no user made an inaccurate adjustment.

Here's how:

Go to Lists > Chart of Accounts.
Open the Reconciliation Discrepancies account.
From the Dates field, set dates for your last few reconciliations.
If you see any adjustments that are making the account balance inaccurate, reach out to whoever made the adjustment. Make sure your corrections aren't conflicting with the adjustment.

You can read this article for more information: Fix issues when you're reconciling in QuickBooks Desktop.

Please keep us posted on how it goes. We're always around to help. Take care and stay safe!

Pete_Mc · ‎July 07, 2021

Ah yes... ADJUSTMENTS, very good point (and very bad thing IMHO).

I *NEVER* allow Adjustments. Find the error and fix it, adjustments just mess things up later. Sometimes there are additions or subtractions that have to be made (exchange rates, bank had 25 cents vs 28,etc.) but those are Manual Corrections that should be made. Allowing QBs to make an "Adjustment" for you should just never be allowed.

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Reconciliation - Desktop MAC