Hello there, @drfinn. I'll provide insights about the reconciliation discrepancy between QuickBooks and your bank balance.
Here are some reasons why your reconciled checking account balance does not match what QuickBooks has:
- There could be transactions recorded in QuickBooks that haven't cleared on your bank statement yet, such as outstanding checks, debit card transactions, or pending transfers.
- Data entry errors in QuickBooks, such as wrong amounts, duplicates, or misassigned transactions, can cause discrepancies between your reconciled balance and the QuickBooks balance.
- Reconciliation mistakes, such as incorrect clearing of transactions or errors with the beginning balance, can cause discrepancies.
- Timing differences, where transactions entered into QuickBooks after reconciliation are dated on or before it, can affect the balance.
To resolve the discrepancy, I recommend reviewing the following:
- Compare your bank statement with the transactions in QuickBooks to identify any missing or incorrect transactions.
- Verify all transactions around the reconciliation date to ensure they are accurately recorded and cleared.
- Review previous reconciliations to ensure there were no mistakes carried forward.
Here is an article you can refer to in fixing reconciliation issues: Fix issues at the end of a reconciliation in QuickBooks Online.
If you need professional guidance in reconciling your account in QuickBooks Online, you may contact our QuickBooks Live Expert Assisted team.
To view, print, and export your reconciliation report, here is an article to guide you: How do I view, print, or export a reconciliation report?
Leave a comment below if you need further assistance in reconciling your account.
