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R
rdmiller054
September 20, 2022
Question

Bank Rec Discrepancy

  • September 20, 2022
  • 1 reply
  • 64 views

Due to some issues I had to undo bank recs back to the beginning of the year on a transaction by transaction basis.  When I went to redo the the reconciliations, I found that my beginning bank balance per the last reconciled month (12/31) is hugely different from the beginning bank balance per the reconciliation page.  This isn't a situation where transactions changed - I've looked at that.  It is a situation where I'm getting a beginning balance that I can't adjust and seemingly out of nowhere that is hugely different than what it should be in the reconciliation.

 

Anyone have a similar issue when redoing prior month reconciliations?

1 reply

D
DebSheenD
Level 5
September 21, 2022

Hi there, rdmiller054. 

I'm here to share insights about reconciliations in QuickBooks Online (QBO) and how we can fix bank discrepancies.

I've checked, and there are no similar issues when redoing bank reconciliation.

 

When reconciling an account in QBO, we'll need to make sure that the opening balance is correct. Once it's incorrect, it affects all following reconciliations. Also, each time you reconcile be sure to check the beginning balance if it matches your bank statement for the same start day. If it doesn't, we can review the following to fix it:
 

  • Review the original opening balance before the beginning balance.
  • Check your bank statement to ensure you're reconciling the correct accounts.
  • Match and categorize downloaded transactions to get the final correct beginning balance.
  • Review any discrepancy reports, if you made changes that affect your beginning balance, you'll get an error message that says "Your account isn't ready to reconcile yet."
     

Here's how to view discrepancy reports:
 

  1. Go to the Accounting menu.
  2. Tap Reconcile.
  3. Choose the We can help you fix it link to open your discrepancy report.
  4. Review the discrepancy report, for you to decide if and how to make changes.
  5. Before making changes be sure to confirm it the changes are intentional or not.


If you know you need to make corrections, review each transaction on the report one at a time:
 

  1. Tap View to see the history of changes to the transaction.
  2. Review the Change Type column. This tells you what changed.
  3. Update it based on the message in the Change Type column.


If the adjustment is still not working, I'd recommend consulting with your accountant to ensure an accurate record of the account or category type.

 

Feel free to get back to me if you need more help with fixing bank discrepancies in QBO. I'll be around to help the best way I can.

T
tina M
February 7, 2023

This is happening to me too. Very frustrating.

 

Nicole_N
Nicole_NQuickBooks Team
QuickBooks Team
February 7, 2023

Hi there, @tina M. 

 

I hope you didn't experience such trouble reconciling your bank accounts in QuickBooks Online (QBO). Don't worry, I've got some tips to share on how to fix bank reconciliation discrepancies.

 

If this is your first time reconciling your account in QuickBooks, we can fix the opening balance. Doing this will also fix your beginning balance issues. Here are some ways how you can rectify this.
 

  • Review the opening balance in QuickBooks
  • Compare the opening balance with your real-life account.
  • Review your account register.


Once everything is correct, you can now start reconciling. Note that the difference between the ending balance in QuickBooks and your bank statement should be $0.00.

 

There are also times when ending balances don't match at the end of reconciliation. Here are some reasons why:

 

  • Someone entered an incorrect ending balance at the start of the reconciliation.
  • There are missing or duplicate transactions in QuickBooks.
  • Someone entered transactions into QuickBooks that haven't cleared your bank yet.

To learn more about ways how to fix reconciliation discrepancies in QuickBooks Online, check out this guide: Learn the reconcile workflow in QuickBooks

 

Know that you can always post your questions here about reconciliation or any other QuickBooks-related issues. I'll be here to lend some help. Take care.

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