How to Manually Resolve Reconcile Discrepancies in QuickBooks Desktop
Small and mid-sized businesses have used QuickBooks to meet their financial goals for decades. With its variety of tools and features, QuickBooks has become the optimum accounting software that it is today. Reconcile Discrepancies in QuickBooks Desktop ensures that all your business transactions are displayed accurately on your account, but at times there might be a reconciliation discrepancy in QuickBooks.
Our goal in this blog post is to discuss Reconcile Discrepancy in QuickBooks, its causes, and solutions. RepairContact provides QuickBooks support & help to resolve all QuickBooks-related issues & errors. To speak directly with an accounting expert, dial our toll-free helpline number at +1-800-986-6821 at any time.
Reconcile Discrepancies in QuickBooks: What is it?
It can be frustrating to find and spot such alterations if you have already reconciled your QuickBooks account, but it shows a different balance in the next reconciliation.
Reconcile Discrepancies in QuickBooks Desktop: What Causes It?
QuickBooks reconciliation discrepancies can also be caused by journal entries, modified, added, or deleted reconciled transactions.
- Arrangements for reconciliation.
- Past reconciled transactions have been altered, deleted, or added.
How to fix Reconcile Discrepancies in QuickBooks Desktop
Here are a few reports that may appear on your desktop that assist you in identifying reconciliation discrepancies. In most cases, you receive prompts and notifications from QB Desktop that aid you in identifying reconciliation discrepancies.
- Report on reconciliation discrepancies
- Report on Transaction Detail
- Report on Missing Checks
Here are some troubleshooting steps you can try to fix QuickBooks bank reconciliation discrepancies.
Step 1: Missing or modified transactions
Modified, added, or deleted reconciled transactions after your last reconcile will affect your opening balance. Different reports in QB Desktop can assist you in identifying discrepancies.
Reconciliation Discrepancy Report displays transactions altered since the last reconciliation, arranged by statement date.
- In the Reports menu, select “Banking” and then “Reconciliation Discrepancy”.
- Click “OK” after selecting the right account.
- Analyze any discrepancies in the report.
You can find missing transactions using Missing Checks Reports.
- From the “Reports Menu”, select “Missing Checks” under “Banking”.
- Click “OK” after selecting the appropriate account.
- The report should review for transactions that do not match your bank statement.
The Transaction Details Report helps you identify transactions that have changed or modified.
- In the “Reports Menu”, select “Custom Reports” and then “Transaction Details”.
- Once the Display tab is open, select the following options:
o The date form.
o To date.
- In the Filter Tab, select the following:
o The account.
o Entered/ Modified.
o From when
o To date.
Step 2: Adjust the Reconciliation
For the reconciliation discrepancy to resolved, you would need to review and evaluate the QuickBooks Reconciliation Discrepancy account for the improper adjustment.
- Click “Chart of Accounts” in the Lists menu.
- Open the “Reconciliation Discrepancy Account” by double-clicking it.
- From the Dates drop-down menu, select the appropriate filter.
Points to consider
- You may have to undo existing reconciliation until the opening balance corrected if you cannot identify the transactions in the register that need to be rectified.
- When the opening balance has corrected, you can proceed to reconcile the current month, making sure the opening balance has rectified for every month going forward. The beginning balance for any month can corrected by creating a zero (zero) balance if you find it incorrect.
- It may be necessary to undo bank reconciliations for previous years if a transaction that took place years ago has changed or removed recently.
Our article contains all the necessary information about Reconciliation Discrepancy, as well as possible solutions, and we hope you find it useful. In case you need assistance for reconciliation discrepancy in QuickBooks or looking for more details on it, please call us at +1-800-986-6821. We are available 24/7.