If you need general information about reconciling, click here.
Overview
Every situation is different, so there may be nosingle solution. If the difference isn't zero, but you don't wish to spend time to resolve it, Quicken can record an adjustment transaction in your register balance to make it agree with the bank's balance. Otherwise, if your opening balance is correct, but you have a difference between your cleared balance and bank ending balance, try a systematic approach. First, make certain that all transactions that have not yet cleared your records are in the register.
If you have a difference in the number of cleared items
You may have:
Missed marking an item
Forgotten to record a transaction
Missed entering a service charge
Entered a transaction twice
Mistakenly marked an item as cleared
Entered a deposit as a payment or a payment as a deposit
Entered separate transactions in the register for a single deposit in the account
Notes:
Your bank may summarize transactions that you've listed separately. For example, if you made several deposits on a single day, the bank might indicate the sum for that day rather than listing each separately. Similarly, you may summarize transactions, such as service charges, that your bank itemizes. Some statements count the number of credits and debits for you; others list interest earned, service charges, and ATM transactions separately.
If you have a difference in the dollar amount
You may have recorded a transaction incorrectly. If you recorded a transaction with an incorrect amount, correct the transaction in the register. Select the transaction in the Reconcile Bank Statement window, click the Edit button, correct the transaction, return to the Reconcile Bank Statement window, and continue.
If your bank made an error, complete your reconciliation and allow Quicken to adjust the difference. Contact your bank. Your bank will make an adjustment that will appear on your next statement.
Notes:
When you receive your next statement, this adjustment will already be in your register as a cleared item. Therefore, next month's reconciliation will be off by the same amount. Allow Quicken to make the adjustment when you're done reconciling.
Identify which transaction(s) are causing the out of balance by comparing the Reconciliation Report with the corresponding bank statement. Correct the transaction(s) causing the out of balance. Re-reconcile the corrected transaction(s). Repeat with each subsequent reconciliation until no more out of balances are found.
Find the reconciliation discrepancy account.Click to expand as a report.And then edit and delete each transaction to that account. Be careful doing this, however, as if any of these are from a closed fiscal period.
To minimize the impact, you can only unreconcile one transaction at a time. If you need to completely start over, reach out to your accountant. Only accountants can undo entire reconciliations.
If the Difference amount is a negative number, set the Type to Income; otherwise set the Type to Expense. The Date should be the last day of the reconciliation period and the Description should properly describe the adjustment.
Unreconciled Difference - The difference between the Cleared Items and the Current Statement Balance. The equation used to calculate this value is: (Last Statement Balance - Checks + Deposits + Interest Income - Bank Charges +/- Other Items) - Current Statement Balance.
It's recommended to reconcile your checking, savings, and credit card accounts every month. Once you get your bank statements, compare the list of transactions with what you entered into QuickBooks. If everything matches, you know your accounts are balanced and accurate.
Yes, it is possible to undo reconciliation in QuickBooks Online. Accountant users can undo an entire reconciliation; so if you're working with an accounting professional, contact them if you need to undo entire reconciliations. Non-accountant users can undo the reconciliation status of individual transactions.
A Reconciliation Discrepancy report is a type of report that can only be generated via QuickBooks Desktop. This specific report displays cleared transactions that were changed since you last reconciled a particular account.
When you go to the Banking page to match the transaction and bank item, the amounts don't quite add up, yet they're the same transaction. You can enter an adjustment to resolve the difference.
Introduction: My name is Trent Wehner, I am a talented, brainy, zealous, light, funny, gleaming, attractive person who loves writing and wants to share my knowledge and understanding with you.
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