Created with Sketch.Learn about PPP and Loan Forgiveness, stay informed with the latest changes.
Created with Sketch.Questions about how to close your books for 2020? Visit our Year End Resources page.
Created with Sketch.New to QuickBooks or using a new product? Visit our Get Started resource page to help you get going.
Created with Sketch.Need to make changes to your account? Visit the Account Manager Portal.
cancel
Showing results for 
Search instead for 
Did you mean: 
Level 1

Credit Card Reconciliation Problem

I'm trying to reconcile my credit card and I'm receiving a message that my "account isn't ready to reconcile" due to a beginning balance discrepancy of $5,708.65.  It's apparently due to something changing after my last reconciliation???  

 

I reconciled the 9/17/20 statement to the penny. I can't figure out for the life of me what the error is and when I click on the "We can help you fix it" link, there are no transactions listed. I've tried to figure it out manually for the last 2 hours. No luck.

 

Any suggestions on where I should start to fix this?  Logic says I need to somehow "rebalance" the last statement, but I don't know how to undo the previous reconciliation to do this-- any this may not be the answer at all.  Help!!

Solved
Best answer November 17, 2020

Best Answers
Moderator

Credit Card Reconciliation Problem

I can help you with reconciliation in QuickBooks Online (QBO), drhowell12.

 

Let's begin by determining the factors that causes reconciliation discrepancies. Among these are the following:

  • Duplicate transactions.
  • Transaction was associated to a different bank account.
  • Previously reconciled transactions were modified or deleted.
  • Incorrect opening balance or account.

I suggest reviewing your previous period's reconciliation to determine which of the above mentioned  is causing the error.

 

Here's a guide for instructions on how to fix common issues when reconciling: Fix beginning balance issues if you've reconciled the account in the past QuickBooks Online.

 

In addition to that, you visit these links about reconciliation in QBO:

You might also want to run the Reconciliation Report to review or print a copy of this.

 

Here's how:
 

  1. Go to Reports.
  2. Type in Reconciliation Reports in the search bar.
  3. From the Reconciliation summary tab, choose your bank.
  4. You'll be routed to the Reconciliation Report showing transactions information.

Learn more about managing reconciliation report in QuickBooks Online by visiting this link: How do I view, print, or export a reconciliation report?

 

Drop me a reply if I can help you with anything else. Hope you have a good one.

View solution in original post

1 Comment
Moderator

Credit Card Reconciliation Problem

I can help you with reconciliation in QuickBooks Online (QBO), drhowell12.

 

Let's begin by determining the factors that causes reconciliation discrepancies. Among these are the following:

  • Duplicate transactions.
  • Transaction was associated to a different bank account.
  • Previously reconciled transactions were modified or deleted.
  • Incorrect opening balance or account.

I suggest reviewing your previous period's reconciliation to determine which of the above mentioned  is causing the error.

 

Here's a guide for instructions on how to fix common issues when reconciling: Fix beginning balance issues if you've reconciled the account in the past QuickBooks Online.

 

In addition to that, you visit these links about reconciliation in QBO:

You might also want to run the Reconciliation Report to review or print a copy of this.

 

Here's how:
 

  1. Go to Reports.
  2. Type in Reconciliation Reports in the search bar.
  3. From the Reconciliation summary tab, choose your bank.
  4. You'll be routed to the Reconciliation Report showing transactions information.

Learn more about managing reconciliation report in QuickBooks Online by visiting this link: How do I view, print, or export a reconciliation report?

 

Drop me a reply if I can help you with anything else. Hope you have a good one.

View solution in original post

Need to get in touch?

Contact us