How to Fix Reconciliation Discrepancy in QuickBooks

QuickBooks Reconciliation Discrepancy

All those who have worked with QuickBooks may have encountered various errors. In this article, we will be discussing about QuickBooks Reconciliation Discrepancy. This error occurs due to various reasons, which could be either due to the reconciliation adjustments like journal entries and the earlier reconciled transactions are deleted, added or changed.

Reason of QuickBooks Reconciliation Discrepancy

Reason behind the QuickBooks Reconciliation is due to the alterations made in transactions for the ones that got cleared in the reconciliations in past accounts. Conducting a search to identify any such alteration could be a frustrating and time consuming process. Reasons why reconciliation discrepancies occur could be any one of the following reason:

  • Arrangement of Reconciliation
  • Addition, deletion or alteration in the transactions reconciled in past

Steps to Resolve the Bank Reconciliation Discrepancies in QuickBooks

Various reports are provided by the QuickBooks so that you can easily get the reconciliation discrepancies identified and fix the transactions

  • Reconciliation Discrepancy Report
  • Missing Checks Report
  • Transaction Detail Report

Based upon then cause of an error you can apply the steps mentioned below.

Fix the Problems Related with the Bank Reconciliation Discrepancies in QuickBooks

Missing or modified transactions

Reconciled transactions which were either added, deleted or alteration was done, after the last reconcile, will surely have an impact on opening balance. End number of reports that are applicable in QuickBooks Desktop will help in recognizing the discrepancies and then solve the transactions.

Reconciliation Discrepancy Report

With this report, you can track the transactions, arranged according to the statement date, which was altered last

  • Go to the report first and select Banking, after that click on Reconciliation Discrepancy present in Reports menu
  • After selecting Appropriate Account, click on OK
  • Analyze the report carefully for any discrepancies

Missing Checks Reports

With this report, you can easily find the absent transactions

  • First of all select the Banking and then click on Missing checks present in Reports Menu
  • Select Banking and then click on Missing Checks, from Reports Menu
  • Choose Appreciate Account and click on OK
  • Check the report for such transactions which doesn’t match with the bank statement

Transaction Details Report

with this report you will be able to find the transaction which was modified or changed.

  • Choose Custom Reports and then from Reports Menu, click on Transaction Detail
  • Now go to the Display Tab and under it select:
    • Date Form
    • Date To

Now select following in Filters tab

  • Account
  • Last Modified/ Entered
  • Date From
  • Date To

Reconciliation Arrangement

Strained reconciliation in the past which is developed for reconciliation arrangement, could also be an originator of discrepancy. In order to resolve the issue, review QuickBooks Reconciliation Discrepancy account and analyze it for improper arrangement.

  • From Company Menu click on Chart of Accounts
  • Select and double click on the Reconciliation Discrepancy Account

If you are unable to find or recognize the transaction from register, where rectification is needed then undo the reconciliation done in past before you rectify the opening balance.

After rectifying the opening balance, you can continue reconciling for current month ensuring that rectification of opening balance is done for every month. If any help is required for the rectification of opening balance then refer the Reconcile window creation, the balance may be incorrect or it is zero.

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