What is QuickBooks Bank Reconciliation Problems and How to Fix?
Evoking top-of-the-line capabilities and features, QuickBooks has successfully made it to the top choices of accounting experts across the globe. With the added flare of the cloud, QuickBooks cloud hosting has had itself widely known for providing finance-based assistance, but it shall also not be forgotten that QuickBooks hosting is highly serviceable for bank reconciliation purposes as well. It is an excellent feature that can be used easily. But never the less; there are some users that find difficulty in performing tasks like deleting or undoing statements.
This is precisely why we decided to put forward a compilation of ways to troubleshoot all the reconciliation problems that might occur when one uses QuickBooks on the cloud. In this blog, we will take care of users of both the versions of QuickBooks- Desktop as well as QuickBooks Online. However, before we get down to the solutions to this accounting software, let us understand the very fact as to why one would want to undo bank reconciliation statements.
Solutions to Fix QuickBooks Bank Reconciliation Problems
If the transactions you have entered in the QuickBooks Desktop don’t match with your bank statement. Go to the below-noted instructions to resolve the QuickBooks Bank Reconciliation Problems. Have a glimpse at below:
Step 1: Review Your Opening and Beginning Balances
Firstly, you have to check the opening and beginning balances and make sure they are correct. Once you know these are accurate, you can further look for other issues.
Step 2: Search for Changed, Deleted, or Added Transactions
There are various reports in QuickBooks that let you inform if anything has been changed, deleted, or added:
Run a Reconciliation Discrepancy Report
This report confirms any transactions that have changed earlier since your last reconciliation. They’re arranged by statement dates. Look-up at given instructions:
- Go to the “Reports” menu. Move to Banking and opt “Reconciliation Discrepancy”
- Choose the account currently, you’re reconciling and then press OK
- Review the report. Look for any discrepancies
- Consult the person who made changes. There might be some reason behind it.
- Once you know, edit the transaction as required
Run A Missing Check Reports
Once you run a missing check report, it will show you if any missing checks. These may be informing you about the ending balance of your reconciliation. Do it by the following steps:
- First, go to the “Reports” menu. Click on the “Banking” option and then choose “Missing Checks”
- Now, select the account you’re reconciling and then press OK
- Review the report. Look for any transactions that have entered on the report that aren’t on your bank statement. If they are actually not on your bank statement, they shouldn’t be on your reconciliation
Run A Transaction Detail Report
Follow-up the below statements to check if any transactions have been changed or not:
- First, you are recommended to go to the Reports section. Fly over “Custom Reports” and choose the “Transaction Detail”
- Opt the “Display” tab
- In the Date From field section, select the earliest date in QuickBooks for the account. Despite selecting it, you may also leave it blank
- In the Date to field section, select the date of your last reconciliation
- Go to the “Filters” tab
- Choose the account you’re reconciling from the Account field menu
- In the Entered/Last Modified field, set the Date from to the date of your last reconciliation. Then set the Date to the field to today’s date
- Click OK to run the report
- Look for any discrepancies or transactions that don’t match with your bank statement or credit card account
- Talk with the person who made the change. There may be a reason they made the change. Once you know, edit the transaction as it is beneficial to do it
Step 3: Look for QuickBooks Bank Reconciliation Problems Adjustments
Sometimes users make a reconciliation adjustment to forcefully match their bank records in QuickBooks Online. Without your accountant’s guidance, you shouldn’t make adjustments in your reconciliation. Adjustments don’t fix errors. And if you fix the errors later on, an adjustment creates trouble in processing.
Hence, review the account and make sure no one has made adjustments inaccurately.
- Go to the “Lists” menu and select “Chart of Accounts” option
- Open the Reconciliation Discrepancies account
- From the Dates field, set dates for your last few reconciliations
- If you see any adjustments that are making the account balance incorrect, reach out to whoever made the Changes in the adjustment.
- Ensure that your modifications aren’t conflicting with the adjustment
We hope, we were of help
We are in keen anticipation that this blog involving all the detailed steps on how to solve QuickBooks reconciliation problems would have helped you troubleshoot your problem anywhere anytime. For any further assistance, you can also connect with our 24×7 customer support.
We will make sure that our QuickBooks certified experts, assist you better with all your QuickBooks related queries.