QuickBooks Software is multi-pronged accountancy software which is equipped with multiple tools and features for ensuring seamless and hassle-free business transactions. However, there are various errors and associated issues which you might encounter while operating your business operations using QuickBooks Desktop software.

The errors related to Reconciliation are caused if you see a different statement in the subsequent reconciliation after reconciling your account. There might be different reasons which lead to Discrepancies related to Reconciliation. In this post, our experts have written a complete guide to fix issues when you’re reconciling in QuickBooks Desktop. So, keep reading carefully till to the end.

Reasons behind QuickBooks Reconciliation Discrepancies

Chief reasons behind this might be related to the various issues faced during reconciliation adjustments like journal entries, and any alteration related to transactions. Other causes behind Reconciliation Discrepancies include the following:

• Reconciliation agreement
• If there exists any entered transaction in QuickBooks that hasn’t been cleared by the bank yet.

Methods to Fix Reconcile Discrepancies in QuickBooks Desktop

In order to resolve the reconcile Discrepancies in QuickBooks Desktop, you are required to follow the following procedure:

Step 1: Ensure that you’re opening and beginning balances are correct. Once done, with that, proceed to Step.

Step 2: Check and locate for any new changes in transactions and identify any deleted or added transactions.

In order to identify any changes in transaction, you can run the following:

• Run Reconciliation Discrepancy Report.
• Run Missing Checks Report
• Now Run the Transaction Detail report

Run Reconciliation Discrepancy Report

By taking aid of this report, you can see for any transaction that was already changed before your last reconciliation. Such transactions are resolved by statement dates.

In order to follow this step:

• Navigate to ‘Reports’ menu < ‘Banking’ menu < click on the ‘Reconciliation Discrepancy’.

• Choose the account that you are reconciling
• Select ‘OK’.
• Review and check the report for any discrepancy

Run Missing Checks Report

By taking aid of this report, you can identify any missing checks. These might actually be disposing the culminating balance of your reconciliation. To run the ‘Missing checks report’, follow the steps below.

• Navigate to ‘Reports’ menu< ‘Banking’ section
• Click on the ‘Missing Checks’

• Select the account.

• Click on the ‘OK’.

Run the Transaction Detail report

To see for any alterations in the transaction section, you need to run the ‘Transaction Detail’ Report. In this context, you are required to follow the below mentioned walkthrough:

• Open ‘Reports’ Menu.
• Navigate to ‘Custom Reports’ menu, followed by ‘Transaction Detail’.

• Go to ‘Display’ Tab.
• Select the earliest date for the account from the data field. Go to the ‘Date to Field’ and then choose the date for your last reconciliation
• Now, navigate to ‘Filters’ tab, followed by ‘Account’ field.
• Select the account which you are reconciling.
• Ensure that you set the date from the date of the last reconciliation in the ‘last modified’. Set the date to the current date.
• Click on ‘OK’ button.
• Run the report.

Step 3: Look for any Reconciliation Adjustments

In some instances, you can make a reconciliation adjustment with the pretext of forcing an account in QuickBooks to match the records in your bank. However, it is highly recommended that you don’t conform to this measure without taking necessary guidance from your accountant. This is because while conforming to any adjustments, you are not resolving errors, but just bypassing and perpetuating them.

In order to go for Reconciliation Adjustments, follow the steps:

• Navigate to ‘Lists’ menu < select ‘Chart of Accounts’.
• Select ‘Reconciliation Discrepancies’ account option.
• Set dates for your last few reconciliations, through the ‘Dates’ field.

• Culminate the ‘Reconciliation’.

 

We hope the information presented in this article guided you towards addressing all the questions pertaining to ‘How to Fix QuickBooks Desktop Reconciliation Discrepancy’. However, if required any help related to reconciliation, then contact our 24/7 QuickBooks desktop help team at 1-800-761-1787. We endeavor towards resolving your issues.