How to Solve Common QuickBooks Bank Reconciliation Problems?

Learn easy ways to troubleshoot QuickBooks bank reconciliation errors:

QuickBooks software is equipped with innumerable functions and utilities that have attested to its superiority in the accounting industry. Discussing about the bank reconciliation process, it is the procedure where the transactions performed will tally with the bank statements or credit card account. After you have entered transactions into QuickBooks online with the use of forms, bank feed, or other third-party data fetching apps, you will nevertheless be in need to reconcile the bank accounts in QuickBooks. At some point in time, you might face certain disruptions in the QuickBooks bank reconciliation. The process of reconciliation should be done on a regular basis to check the accuracy of the accounting records, which makes it very much important to solve QuickBooks bank reconciliation issues.

Sometimes users might get bank reconciliation errors while performing some banking tasks. To get a better insight into fixing common QuickBooks bank reconciliation errors, make sure that you stick around this blog carefully till the end. Or connect with us at 1-800-761-1787, and let our tech geeks handle the situation for you.

What triggers QuickBooks bank reconciliation errors?

You may face the QuickBooks bank reconciliation errors if your accounts in QuickBooks Desktop don’t match your bank statements at the end of reconciliation. There are several other triggers that contribute to the reconciliation errors. these have been summed up below:

• It might be you have entered wrong ending balance at the start of the reconciliation.
• There might be someone edited or deleted transactions that were already reconciled.
• There are missing/duplicate transactions in QuickBooks desktop.
• If Someone made an adjustment to your last reconciliation with a journal entry, the reconciliation errors may show up.
• There might be a possibility that you have entered transactions into QuickBooks that have not cleared your bank yet. Such circumstances directly lead to the bank reconciliation errors

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Solutions Steps for Fixing QuickBooks Bank Reconciliation Errors

You can perform the below steps, so as to chuck off the QuickBooks bank reconciliation errors. Make sure that you read the steps carefully till the end:

Step 1: Reviewing the opening and beginning balances

Start off by checking the opening and balances and ensuring that they are all correctly entered.

Step 2: Look for changes, 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

Talking about the reconciliation discrepancy report, it confirms any transactions that have changed earlier since the last reconciliation was performed. Steps to be performed herein are:

• You are at first required to move to Reports menu and also to Banking option.
• After that, select Reconciliation discrepancy.

• You need to now choose the Account that you are reconciling currently and hit OK tab.
• The next step requires to review the Report and look for any damages.
• Now, talk to the person who made the changes. Once you know the reason behind the changes being made, make sure to Edit the transaction.

Run missing check report

Running the missing report can let you know whether you have any missing checks or not. The steps to run the missing check report are quite easy to follow and go on like this:

• You would have to move to the Reports menu and further hit on Banking option.
• Herein, you need to choose the Missing checks.

• You need to now choose the account that you are reconciling and hit the OK tab.
• The next step is to Review the report and look for any transactions that have been entered on the report that isn’t on the bank statement.

Running a transaction detail report

• In this report, you need to move to Reports section and then move to Custom Reports.
• Within the custom reports, select Transaction detail.

• Now, go for the Display tab.
• You need to now select the Earliest date in QuickBooks for the account.
• Else, you may leave it Blank.
• Now, choose the Date of the last reconciliation.
• Head to Filters tab.
• Select the account you are reconciling from the Account field menu.
• Set the date from the date of the Last reconciliation. Set the date to the field to today’s date.
• Next step is to click on OK tab to run the report.
• Look for any discrepancies or transactions that don’t match with the bank statement or credit card account.
• The concluding step requires you to talk to the person who made the change.
• Edit the transaction as per your convenience.

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Step 3: Search for the reconciliation adjustments

At times, make a reconciliation adjustment to match their bank records in QuickBooks online forcefully. In such a situation, you need to look for the reconciliation adjustment.

• To begin with, move to Lists menu and choose Chart of Accounts tab.
• Further, open the Reconciliation discrepancies account.
• From the Dates field, set the dates for the last few reconciliations.

• Just in case, you see any adjustments that are making the Account balance incorrect, then you are required to contact the person who made changes in the adjustment.

Step 4: Finish reconciling

Now you can finish reconciling once everything is fixed. However, if you are unable to find any issues in your accounts, then you may need to undo the previous reconciliation until the opening balance is correct.

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Summing up!

The bank reconciliation issues in QuickBooks desktop can be easily rectified with the steps that we have tried to mention in above. However, as always, if you have a query, comments, or concerns, reach out to us at our QuickBooks error support number i.e., 1-800-761-1787. Our team of U.S based accounting experts will provide your business with the right support that it needs to eliminate errors and other accounting-related glitches, ensure success and save some serious money. We have the most relevant solutions to all your problems and other accounting software related issues.

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