Query: I have prepared the financial records for the 3 quarter of 2018 using QuickBooks. There seems to be a discrepancy between the actual balance and the calculated balance. Can you help?

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Intro: QuickBooks is a software product that has made businessmen to live in peace as they don’t need to worry about data inaccuracy or data redundancy in the database anymore. Plus, their organizational activities have been simplified since the software has been installed in the system.

At times, however, you may encounter some severe technical issues that need immediate attention to continue working on QuickBooks. One such issue is the QuickBooks Reconciliation discrepancy.

QuickBooks reconciliation is a feature that ensures that your account is an accurate reflection of business transactions that have been made. In case, your account shows a different balance in the next reconciliation and you have a doubt, it is the reconciliation discrepancy that you need to deal with.

Fastfix247 professionals gain expertise in handling such issues and hence consulting them can help.

Causes, Symptoms & Impact

The causes of the discrepancy include:

  • Some kind of modification in the previously reconciled data or transaction
  • Deletion of previously reconciled transaction
  • Some kind of addition in the previously reconciled data
  • Adjustments made in the reconciliation, which may include journal entries, etc.

Whatever changes are done to the previously reconciled data, it directly affects the current reconciliation process, thereby leading to discrepancies. To have a more clear-cut idea of the error, you can consult Fastfix247 experts and they will help you understand the scenario better.

How to fix the error?

To fix the discrepancy, it is important to identify the error first. Once the discrepancy is found, you can rectify it and resolve the problem. To identify the issue and solve it, you can choose the below-mentioned options:

Option 1: Reconciliation Discrepancy Report

  1. Go to Reports menu
  2. Choose Banking
  3. Click Reconciliation Discrepancy
  4. Select the relevant account
  5. Click OK
  6. Review the report and rectify the error

Option 2: Missing Checks Report

  1. Go to Reports menu
  2. Choose Banking
  3. Click Missing Checks
  4. Choose the relevant account
  5. Click OK
  6. Review the report
  7. Find the transaction that mismatches the bank account statement
  8. Rectify the discrepancy

Option 3: Transaction Detail Report

  1. Go to Reports menu
  2. Choose Custom Reports
  3. Click Transaction Detail
  4. In the Display tab, select Date from (the earliest date on QuickBooks or leave the space blank) and Date to (The date when the statement was last reconciled)
  5. In the Filters tab, choose:
    1. Account (the account to be reconciled) and
    2. Entered/Last Modified
      1. Date From i.e. the date the statement was last reconciled
      2. Date To i.e. Today
    3. Click OK to run the report

Option 4: Check Inapt adjustments

  1. Go to Lists menu
  2. Choose Charts of Accounts
  3. Double-click Reconciliation Discrepancies account
  4. Under Dates drop-down list, choose a relevant filter. The options you get here include:
    1. Choose Undo the previous reconciliation in case you are unable to identify the transaction that needs to be corrected
    2. If you encounter incorrect beginning balance for any of the specific months, you can correct it
    3. In case the transaction from years ago has been recently deleted, you can undo the bank reconciliations for the past

The above-mentioned steps will surely help you deal with the QuickBooks reconciliation discrepancy. However, if you face any difficulty in following those steps, you can contact Fastfix247 experts to get further assistance. They are available 24/7 to provide guidance to clients and customers and help them resolve the issues as soon as possible

Feel free to call on the QuickBooks support number 855 481 5335 for any help and guidance.

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