Are you facing discrepancy issues while reconciling bank transactions? If so, you must be looking for quick ways to fix those issues. To offer you help, we are writing this guide with the possible issues and their fixes.
'QuickBooks reconciliation discrepancy' error occurs when the result of your reconciliation of QB transactions and bank statements isn't; $0.00. When performing reconciliation, the QB transaction report should equal the bank statement. If that doesn't match, follow the guide to find and fix issues.
To get this error fixed quickly, dial TFN +1-(855)-955-1942 and get direct assistance from industry professionals.
Possible Causes of Reconciliation Discrepancy Issue in QuickBooks Desktop
Know the factors that are responsible for bank discrepancy errors in QB:
You may have entered an incorrect ending balance at the start of the reconciliation.
The entered reconciled transaction has been deleted or edited mistakenly by someone, and that's why you are facing issues in reconciliation.
Entered QB transactions are either edited, deleted, or entered twice, which makes a difference in QB transactions and bank statements.
Read Related: Import Bank Transaction Into QuickBooks
Fix the Bank Reconciliation Discrepancies in QuickBooks Desktop
Follow the provided troubleshooting solution to fix the bank reconciliation issues:
Step 1: Check the Opening and Beginning Balance
Before fixing reconciliation issues, you must review QB's opening and beginning balance to check the differences and issues with QB transactions and bank statements.
After opening a new account, set the date from when you want to review the transactions. Now, you have to enter the actual transaction amount, which will be your opening balance.
When starting the reconciliation process, you need to enter an amount to be reconciled, which would be the beginning balance.
After reviewing the opening and beginning balance, their total sum should be zero. If it isn't, you must review the issues and move further to fix them.
Step 2: Review the Changed, Deleted, and Added Transactions and Fix them
QB features or reports that help you know the modified, deleted, or newly added transactions:
Run a Reconciliation Discrepancy Report
Running a reconciliation discrepancy report will help you review the changed transactions since the last reconciliation:
Open the QB Desktop and go to the Reports menu.
From the further menu select Banking and then Discrepancies.
Choose the account you're reconciling and hit OK.
When the report opens, review it and check for any discrepancies or any changed transactions.
Now, reach out to the person or your account handler to know about those changes and edit them as required.
Run a Missing Checks Report
Here's how you can review the missing checks report:
Click on the Reports menu in QuickBooks Desktop.
Select the Banking option from the dropdown menu and then Missing Checks.
Select the account you're going to reconcile and OK.
Now, review the reconciliation report and find the missing transaction.
Finally, re-enter the missing transaction with the help of your accountant.
Run a Transaction Detail Report
If any new transaction has been added after the last reconciliation, you can face the discrepancy issues in QB. To review them, follow the given steps:
Select the Reports menu in QB Desktop.
Further, select Custom Reports from the open menu and then Transaction Detail.
Move to the Display tab from the open window.
In the Date From field, enter the earliest date in QB for the account.
In the Date to the field, enter the last transaction entered in reconciliation.
Further, move to the Filters tab.
In the Account field, select the reconciling account.
In the Entered/ Last Modified field, set the Date From to the date of your last reconciliation and then set the Date To field to today's date.
Hit OK and run the report.
Finally, review the reconciliation report.
Now, make the changes in the report as required with the help of an accountant.
Step 3: Look for Reconciliation Adjustments
It can happen when the above steps may not work for you and your QB still encounters the reconciliation issues. If that happens, don't try to make force adjustments just to reconcile the bank statement with QB transactions. So, you must reach out to your accountant for help.
Make sure no one is making an inaccurate or forced adjustment:
Click on the Lists menu in QB and then select Charts of Accounts.
Open the Reconciliation Discrepancies account.
Set the date for your last reconciliation in the Dates field.
If any adjustments are found, check for the person who made those adjustments and try to manage them with the help of an expert.
The provided solution is enough to fix the 'QuickBooks Reconciliation Discrepancy' error. For any further help, connect with us at +1-(855)-955-1942 and get assistance directly from the Accounting experts.
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