SOLUTION FOR QUICKBOOKS BANK RECONCILIATION PROBLEMS

What Is QuickBooks Bank Reconciliation Online?

Bank reconciliation for your business accounting in QuickBooks online can be a different event. It is its module, exclusive from the chart of accounts, check register, and bank feed tools. Just because you've got entered transactions into QBO using forms, the bank feed, or some third-party data fetching app, you continue to get to reconcile your bank accounts in QuickBooks. Typically, you’ll be reconciling your checking, savings, and MasterCard accounts. Some might reconcile other current asset accounts and other liability accounts, even equity, but the service is specialized in the way for reconciling bank statements in QuickBooks Online.   

STEPS TO FIX QUICKBOOKS BANK RECONCILIATION PROBLEMS

Step 1: Your opening and starting balances must be correct

If you haven't already, confirm your opening and beginning balances, are correct then find the possible errors. Once you recognize these are accurate, you'll start trying to find other issues.

Step 2: Look for altered, erased, or added transactions

Several reports in QuickBooks show you if anything has been changed, deleted, or added:

Run a Reconciliation Discrepancy report

This report presents any transactions that were edited since your last reconciliation. They're sorted by statement dates.

1. Go to the Reports menu. Go to Banking and select Reconciliation Discrepancy.

2. Select the account you're reconciling and then select OK.

3. Review the report. Look for any discrepancies.

4. Talk with the person who made the change. There could also be a reason they made the change. Once you recognize, edit the transaction as required.

Run a Missing Checks report

This report shows any missing checks. These could also be throwing off the ending balance of your reconciliation.

1. Go to the Reports menu then move to the bank option and select Missing Checks.

2. Select the account you're reconciling and then select OK.

3. Review the report. Look for any transactions on the report that is not on your statement. If they are not on your statement, they should not be on your reconciliation.

Run a Transaction Detail report

Use this report back to see if any transactions changed.

1. Go to the Reports menu. Hover over Custom Reports and choose Transaction Detail.

2. Select the Display tab.

3. Within the go backfield, select the earliest date in QuickBooks for the account. You can also leave it blank.

4. In the Date to the field, select the date of your last reconciliation.

5. Go to the Filters tab.

6. In the Account field, select the account you're reconciling

7. In the Entered/Last Modified field, set the Date to the date of your last reconciliation. Then set the Date to the sector to today's date.

8. Select OK to run the report.

9. Look for any discrepancies or transactions that don't match what's on your bank statement

10. Talk with the person who made the change. There could also be a reason they made the change. Once you recognize, edit the transaction as required.

If you would like help, reach bent your accountant.

Step 3: Look for reconciliation adjustments

Generally, users make a reconciliation adjustment to compel an account in QuickBooks to match their bank records. One should not do a reconciliation adjustment in the absence of an accountant's guidance. Adjustments don't fix errors. And if you fix the errors afterward, an adjustment causes problems down the road.

Review the account and confirm nobody made an inaccurate adjustment.

1. Attend the Lists menu and choose Chart of Accounts.

2. Open the Reconciliation Discrepancies account.

3. Set dates for your last few reconciliations from the Dates field.

4. If you see any adjustments that are making the account balance inaccurate, reach out to whoever adjusted. Keep in mind that your corrections aren't clashing with the adjustment.

Finish reconciling

When everything is fixed, you'll finish with how to reconcile in QuickBooks online solving any issues in your accounts, you'll get to undo the previous reconciliation until the opening balance is correct.

If someone edited or deleted a transaction from years ago, you'll get to undo your reconciliations for the past few years to urge to where the opening balance is correct.

LAST WORDS

It is an awesome idea to get into the habit of learning how to reconcile in QuickBooks online and applying the same online every month. And the best practice is to try to do it as soon as you receive your statement. As you'll see, QuickBooks bank reconciliation is an important skill in learning and it's an easy, step-by-step process to solve any problem that arises.