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drhowell12
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
Charies_M
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

3 Comments
Charies_M
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

putigergirl
Level 1

Credit Card Reconciliation Problem

I am wondering if you ever resolved your problem and, if so, if you could describe how you fixed it. I have this exact problem. Each month, I reconcile the bank statement and the credit card statements. However, when I reconcile the credit card statement, it introduces a discrepancy in the beginning (reconciled) balance of the bank statement. When I go through the steps to resolve that (as outlined by the other replier), it throws the credit card back out of reconciliation. They will not both reconcile at one time. Any ideas what is causing this? I have not double-entered in the payments. The payments are feeding automatically from links to the two accounts online. 

SarahannC
Moderator

Credit Card Reconciliation Problem

Hello there, @putigergirl.

 

Once reconciled transactions are edited, it can cause a discrepancy in your previous reconciliation. The very important thing is to ensure that the register matches your bank statement.

 

To fix it, you'll need to undo all the transactions that were reconciled and manually check each transaction for changes made. Note: You can ask your accountant to undo an entire reconciliation one at a time.

 

Still, you can manually do it: 
 

  1. Go to Accounting on the left panel.
  2. Within the Chart of Accounts tab, 
  3. Locate the appropriate account for the transaction, and click View Register.
  4. Identify the transaction to edit.
  5. Keep selecting it until the box is blank. This removes the transaction from the reconciliation.
    hh.PNG

 

Once done, check your register if there is still a reconciled transaction. If all goods, you can reconcile your account again.

 

Also, I'm adding an article that will provide you more troubleshooting about reconciliation: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

Please utilize the Reply button if you have more questions about reconciliation in QuickBooks Online. Have a good one!

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