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buyersremorse
July 26, 2022
Question

Bank Reconciliation

  • July 26, 2022
  • 6 replies
  • 28 views

I changed over to Quickbooks Online from Quickbooks Desktop and I am trying to reconcile my main checking account. QBO's beginning balance is way off though my Bank Statement and Desktop version balance matches. In all the videos I find, it tells me if my QBO beginning balance doesn't match my bank statement, I will get a popup from QBO to help find the discrepancies. That doesn't happen. How can I get a reconciliation discrepancy report without that popup? PS - my bank registers match - it is off in the beginning balance.

6 replies

GebelAlainaMQuickBooks Team
QuickBooks Team
July 26, 2022

Hi there, @buyersremorse. I'm here to shares insights about reconciliations in QuickBooks Online (QBO) and on how we can locate the discrepancy link.

When reconciling an accounts in QBO, we'll need to make sure that the opening balance is correct since it's the starting point for accounts. 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 affects 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. Select Reconcile.
  3. Select 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. Select 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.

For additional information, you can refer to the following articles:
 

If everything is all ready and your beginning balance is accurate, you can start reconciling an account.

If you have clarification or additional information, please leave a comment below. I'll be here. Have a good one!

davidsr
October 31, 2022

My whole account is wrong, I want to reconcile my account from 01/01/22 until 10/31/22

ZackE_Moderator
Moderator
October 31, 2022

Thanks for becoming part of the Community, davidsr.

 

If your beginning balance isn't correct, there's a number of things that can cause this:

 

You'll want to start with reviewing the account's original opening balance and confirming its correct. Afterwards, you can check your bank statement.

 

Here's how:

  1. In QuickBooks, go to Accounting, then Reconcile.
  2. Review the account you selected in your Account drop-down list. Confirm you're reconciling the correct one for the correct month(s).

 

Next, if your account is connected to online banking, confirm all downloaded transactions have been matched and categorized before you begin reconciling. This will give your account its final correct beginning balance.

 

After confirming everything's been categorized and matched, you'll be ready to reconcile the account. In the event you encounter a 
"Your account isn't ready to reconcile yet." message before you begin reconciling, click your We can help you fix it option to open a discrepancy report.

 

Review it and use its details to decide if and how to make any necessary changes. Intuit recommends talking with whoever made the changes prior to editing them, since they may've been made intentionally.

 

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

  1. Click a transaction's View option to see the history of changes to it.
  2. Review your Change Type column. This will inform you what type of change was made.
  3. Perform your edits based on the message displayed in their Change Type column. If necessary, you can refer to Intuit's list of change types to identify what each one means and what you'll need to do.

 

After reviewing everything on your discrepancy report, the Total Discrepancy Difference on it should be $0.00. Be sure to check your account's beginning balance again in QuickBooks. It should match the beginning balance shown on your bank statement. When you're ready to proceed with reconciling, select Resume reconciling.
 

I've also included a detailed resource about reconciling accounts which may come in handy moving forward: Reconcile an account

 

Please feel welcome to send a reply if there's any questions. Have a lovely day!

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