Odd problems with reconciliation

Hello there @w3developing,

I'd like to thank you as well for posting your reconciliation question here. I'll be glad to help you fix it. Let me share with you some of my ideas about reconciliation.

The reason that the suggested amount ($3,081.28) on the reconciliation does not even match the amount needed to balance it when all the above transfers are added up it is because it might be some of the transactions of the account that you're trying to reconcile is not supposed to be posted on that account. You can use your bank statement and compare it to the transactions you've enter in your QuickBooks Online account to check if it matches.

Also, why does a transaction shown in the banking logs but still show as a discrepancy on that reconciliation notice log of items out of balance? It may be a deleted duplicate transactions, that's why it's showing in your bank feeds and also in your audit log report.

You can read this article to learn more about the cause of the balance discrepancy: About beginning balance discrepancies.

To fix an incorrect beginning balance, visit this link for the steps: Fix beginning balance issues during your first reconciliation in QuickBooks Online.

Fill me in if you need more help by leaving a comment below. I'll be around in the Community to help. Take care and have a great day!
 

Hello

I checked the reconciliation in full for the previous period and everything matches up:

Reconciliation Report - OK

Banking Statements - OK

Banking Logs in QBO - OK

All match correctly.

Could this be a carry over balance of $3,081.28 for many years of errors by a previous accountant we had doing the books? Could it be an accumulation of errors added up?

Would it hurt if we just continued reconciling this account from present forward, knowing this is off?

We just want to be able to reconcile our statements ASAP.

Please let me know if you have any other tips or advice or steps to resolve this in a very simple way.

Sincerely

Is it normal for two Transfers to show like this in Chart of Account? Looks like the same transaction on two different days, but one has the "C" and the other has no "C" and non dual green box.

Hello, @w3developing.

Regarding the carry over amount with your second account, I advised checking your bank statement if it matches the amount and date of every transaction in QuickBooks. It could be one of the reasons why you have this $3,081.28 off. 

Also, I advised consulting your personal accountant so you will be guided on what to do before doing reconciliation.

For the transfer funds, there are some reasons why it shows on your Chart of Accounts that you have two same transactions, it could be duplicate transfer, Duplicates usually happens when you connect both of your bank accounts in QuickBooks. When you transfer funds from account A to account B, both accounts will post the same set of transactions. 

To delete account funds transfer, here’s how.

1. Click Accounting at the left panel.

2. Choose Charts of Accounts.

3. Find the bank.

4. Click the View register under Action column.

5. Find the duplicate bank transfer and click it to expand the page.

6. Hit the Delete button.

You can use this article for your future reference if you wanted to move money from one company to another. Transfer funds between companies.

Please let me know if you have other questions related to QuickBooks. I'm always here to help you.

Hi Thank you for your feedback. I am looking at getting more accountant help, but in the meantime, just trying to understand things more.

(1) =====================================================

I have two accounts:

Bank

Credit Card

My Bank account is reconciled up to present time with no discrepancies.

The Credit Card account is the one with issues.

You mentioned "checking your banks statements," do you know what records I should check them against in Quickbooks Online? Should I check them all (from Jan 1 - present statement) against Credit Card register or should I check them against Banking records under the "Reviewed" tab? 

Thank you for any additional clarification on which records I should compare to statements.

(2) =====================================================

I pay my Credit Card bill with the Bank funds, both accounts are connected to Quickbooks Online. Each account does create a record, but I normally go into the Credit Card account under Banking, and assign the Transfer to the Bank account. But when I first started this, I might have made some errors.

Thanks for any additional data you can provide on how to best compare or review records to find the error.

Sincerely

Hello w3developing,

It seems that this a duplicate question from the one you have posted earlier. You can check out this link for more details: https://quickbooks.intuit.com/learn-support/en-us/reports-and-accounting/re-your-beginning-balance-i....

Let us know if you need additional assistance regarding the thread.

I compared all statements to what is in Banking >> Account >> Reviewed for the account in question. I located two transactions that are Transfers, missing from the Banking >> Account >> Reviewed log. Do you know how these can be added back?

Good day, w3developing.

To add the transactions, you can either download a Web Connect or CSV file from your bank's website. Then, import the data into your QuickBooks company by following these steps:

1. On the left panel, click Banking.
2. Select the Update drop-down and choose File Upload.
3. In the Bring your info into QuickBooks page, click the Browse button and select the file downloaded from the bank's website.
4. Hit the Next button, and select the bank account where you want the transaction to post.
5. Click Next and map the fields. 
6. Select Next to import the transactions and then Let's go! to finish. 

For the instructions on how to download the transactions from your bank, follow step 2 in this article: Manually upload transactions into QuickBooks Online.

To import using the CSV file, here's a link for the steps: Import bank transactions using Excel CSV files.

I'll be around if you need more help with QuickBooks. Take care and stay safe.

There's an old account reconciliation trick - the list of deleted transactions doesn't tell you which direction the transfers are - in or out.  The difference is $742.50.  So the $371.25 is exactly half that amount.  It's going in the opposite direction.