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Luna1383
Level 3

The beginning balance in QuickBooks Desktop is different from my bank statement; they do not match, and I am unable to complete my reconciliation.

I have identified a discrepancy in the beginning balance in quickbooks, it doesn't match with my beginning balance in the bank statement, while performing my reconciliation for November 2024. This seemed unusual to me because when I completed my reconciliation for October 2024, everything was properly reconciled.  Upon review, I found that the discrepancy amounts to $2,041.18. After generating a "Previous Reconciliation Discrepancy" report, I discovered that my supervisor had deleted vendor payments from the years 2019, 2020, 2022, and 2023, which match this exact amount by mistake.  These payments had already been reconciled.

My supervisor has instructed me to make the necessary adjustments to complete the reconciliation. However, I have never performed this type of adjustment before, and I am unsure how to proceed.  I know that one way to correct this is to undo the reconciliations and redo them from those years, but it would take me a considerable amount of time to undo reconciliations dating back to 2019.

Could you please assist me in ensuring the records are balanced so that I can finalize my reconciliation?  Could you please assist me in resolving this issue? I am currently using QuickBooks Desktop 2021.

I appreciate your help in advance.

4 Comments 4
CamelleT
QuickBooks Team

The beginning balance in QuickBooks Desktop is different from my bank statement; they do not match, and I am unable to complete my reconciliation.

I truly appreciate the detailed information, Luna. Let me assist you in fixing the discrepancy caused by the deleted vendor payments so you can complete your reconciliation in QuickBooks Desktop (QBDT).

 

To resolve the discrepancy, you can undo the reconciliation for the affected years and then redo it. Here's how:

 

  1. Back up your QuickBooks company file.
  2. Go to Banking and select Reconcile.
  3. Click the Undo Last Reconciliation button.
  4. Hit Continue, then OK.
  5. Close out of reconcile and open it again.

 

Moreover, another option is ignoring the discrepancy and letting QuickBooks enter an offsetting adjustment. Please refer to the steps below:

 

  1. From the Reconciliation window, click Reconcile Now.
  2. Select Enter Adjustment.
  3. QuickBooks will automatically create a Journal Entry under a special expense account called Reconciliation Discrepancies.

 

Additionally, I'll share a helpful resource to assist in examining and analyzing your previous reconciliations. This will allow you to track historical data and ensure accuracy in your financial records: Get reports for previous reconciliations in QuickBooks Desktop.

 

If you have further questions about the reconciliation process in QBDT, feel free to add a reply. We're always here to respond.

FishingForAnswers
Level 10

The beginning balance in QuickBooks Desktop is different from my bank statement; they do not match, and I am unable to complete my reconciliation.

@Luna1383  "Moreover, another option is ignoring the discrepancy and letting QuickBooks enter an offsetting adjustment. Please refer to the steps below:"

 

Do not actually follow this specific piece of advice from @CamelleT .

 

Why QB ever saw fit to include this function is beyond me.

Luna1383
Level 3

The beginning balance in QuickBooks Desktop is different from my bank statement; they do not match, and I am unable to complete my reconciliation.

My sincere apologies in any case. Do you think it would be better to recreate the checks and reconcile those that were mistakenly deleted, using the date and ending balance from the last reconciliation I performed? Because when I go into the vendors section and check the invoices for which those deleted payments were made, they appear as unpaid.

I know that this type of solution could be an option, but I am not sure if it is correct. Could you please help me?

ClaireSamanthaS
QuickBooks Team

The beginning balance in QuickBooks Desktop is different from my bank statement; they do not match, and I am unable to complete my reconciliation.

You can perform a special reconciliation also called a mini reconciliation to resolve this issue,  Luna1383. This method will help correct discrepancies from the deleted transactions. I'll provide more information on this.

 

A mini-reconciliation is a focused process to address specific discrepancies in your accounts without performing a full reconciliation. Allow me to guide you through the process.

 

To perform a mini reconciliation, follow these steps:

 

  1. Navigate to the Banking menu and click Reconcile.
  2. Select the bank account with the transactions you need to reconcile.
  3. In the Date of Statement field, input a date for an "off-cycle reconciliation," which should fall between the date of your last reconciliation and the next planned one.
     Note: By setting an "off-cycle" date, QuickBooks will notify you that you are initiating a mini reconciliation. This allows you to integrate previously unreconciled transactions without altering their standard reconciliation timeline.
  4. In the Ending Balance field, enter the balance of your last successful reconciliation. Then select Continue.
  5. In the Reconcile window, check off the transactions you are fixing and re-reconciling.
  6. Make sure the Difference field shows $0.00.
  7. When everything looks good, select Reconcile Now.

 

Furthermore, you can explore this detailed article to enhance your understanding: Reconcile previously deleted and re-entered checking or credit card transactions.

 

In QuickBooks Desktop, you don't have to manually close your books at the end of each fiscal year. QuickBooks seamlessly makes all the necessary adjustments to get ready for the upcoming year, streamlining the process for you. For a detailed guide, please visit this article: Close your books in QuickBooks Desktop.

 

I'll be around whenever you need help reconciling your transactions in QuickBooks. Please know that you can always come back by Replying to this thread, and we will get back to you promptly.

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