Reconciling Accounts

Hi Accounting646,

Hope you’re doing great. I wanted to see how everything is going about the bank balance and QuickBooks balance. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at anytime.

Looking forward to your reply. Have a pleasant day ahead!

Hi

I have a similar thing - QB balance is not the same as my bank balance, and as this is my first reconcile, I understood it needs to show a difference of zero.  I know what has potentially happened (when a third part app was linked and unlinked and invoices were duplicated and deleted etc etc etc...).  The discrepancy totals -£208.03 and this is something I can't find to get it to zero.  I have matched all the bank statement transactions to the QB transactions but still it is -£208.03.  Do I reconcile anyway?  There are a lot of transactions that don't exist on the statement so I have not put a tick by these - I assume it doesn't reconcile these ones at all, but what then? Delete them?

Thanks

Hi there, @David. I've got you covered, and I'll ensure you can get through this so you can successfully reconcile an account in your QuickBooks Online (QBO) account.

Before we proceed, I'd like to congratulate you on your business. Know there's no need for you to worry about getting this wrong. After all, it's a part of the process of learning how to use QuickBooks Online. Now that I'm here, I'll help you fix this so you can proceed to reconcile an account.

Since this is your first reconciling an account in QBO, you'll want to review your opening balance in QuickBooks and ensure it's accurate. To begin, these are the steps:

1. If you recently entered older transactions dated before your opening balance, here's how to reconcile them. Then continue with these steps.
2. Go to Bookkeeping or Accounting.
3. Select Chart of accounts (Take me there).
4. Find the account on the list.
5. Select View register.
6. Search for the opening balance entry. It should have "Opening Balance Equity" in the Account
7. Take note of the date and balance.

If you haven't enter an opening balance, see this article for more information: What to do if you didn't enter an opening balance in QuickBooks Online.

You'll then compare the opening balance with your real-life bank balance. Visit this article for further guidelines on how to fix issues when reconciling an account in QBO: Fix issues the first time you reconcile an account in QuickBooks Online.

Once you're ready to reconcile again, make sure that you have the correct Ending balance and Ending date to successfully reconcile the account.

Additionally, I've got you this article in case you encounter issues at the end of your reconciliation in QBO: Fix issues at the end of a reconciliation in QuickBooks Online.

@David, If you need further assistance fixing a reconciliation in QuickBooks. Know that you can always get back to me. It'll be my pleasure to help you get this sorted out as soon as possible. Thanks for choosing QuickBooks. Take care, and have a good one!