Hello there, SustainBuilders.
Ensuring that your financial records accurately reflect the correct starting balance is essential for a smooth account reconciliation process. Let's use the Reconciliation Discrepancy report to identify the cause of the incorrect beginning balance.
To build the report, simply perform these steps:
- In your company file, head to the Reports menu at the top to choose Banking and Reconciliation Discrepancy Report.
- From the list, select the appropriate account and click the OK button.
- Review the report to check for any discrepancies.
Next, look for the following:
- Changed amounts—Changing amounts in transactions affect the beginning balance that QuickBooks shows for this reconciliation period.
- Changed cleared status—A transaction you previously cleared was edited and marked as not cleared. Changing a transaction’s cleared status also affects the beginning balance of the reconciliation period.
- Deleted transactions—When you find deleted transactions, click Previous Reports on the Locate Discrepancies window to create a reconciliation report for the period in which you entered the transaction. Then compare the report to your bank statement for that period.
After pinpointing the cause of the discrepancy, let's perform a special reconciliation to save time and avoid the hassle of undoing previous reconciliations. For detailed instructions, head to the Special Reconciliation section in this article: Reconcile accounts in QuickBooks for Mac.
Explore this link to access additional resources that can help you with managing your deposits, troubleshooting banking errors or issues, and reconciling your account: Find help with bank feeds and reconciling accounts.
For tips, tricks, ideas, and information to handle your accounting tasks, feel free to download the QuickBooks Desktop Mac Plus User's Guide. It's arranged according to topics so you can easily locate the information you need.
Stay in touch if you have additional questions about reconciling accounts or need further assistance navigating through the product. I'll get back to provide guidance and help. Enjoy the rest of the day, SustainBuilders.
