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Are you looking for the process to fix a reconciliation discrepancy in QuickBooks desktop? Well, fixing a reconciliation error is not a tough task. Many times, users face reconciliation errors in QuickBooks due to various causes. One such situation when the user faces this error can be: The user performed the last bank reconciliation correctly and the ending balance agreed with the bank statement. However, as the user starts with reconciling the current month’s statement, the user found that the beginning balance was wrong. These issues are often caused by changes to the transactions that have been cleared in previous account reconciliations.

Reconcile an Account in QuickBooks Desktop - Screenshot

In simple words, QuickBooks reconciliation discrepancy is seen when the reconciliation adjustments such as QuickBooks journal entries or transactions that have been changed, added, or deleted, etc. When the user reconciles an account, the transactions in QuickBooks are compared with the bank statements. And in the end, the difference between the two records should be $0.00. In case it is not, then today’s article can help you in fixing issues and completing the reconciliation successfully.

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Why the QuickBooks desktop reconciliation discrepancy occurs?

This is a very common issue faced by the QuickBooks users. And as we mentioned earlier, this can be seen by alteration to transactions that have been cleared in past account reconciliations. The user might face these issues due to the following reasons:

  • Any reconciliation arrangement
  • Or if the past reconciled transaction has been an alteration, deleted, or added
  • Along with that, if someone entered an incorrect ending balance at the start of the reconciliation
  • Also, if someone edited or deleted transactions that were already reconciled
  • Another scenario can be if there are missing or duplicate transactions in QuickBooks
  • The same issue can also be seen if someone entered transactions into QuickBooks that hasn’t cleared the bank yet
  • If someone made an adjustment to the last reconciliation with a journal entry

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Procedure to Fix Reconciliation Discrepancies in QuickBooks Desktop

There procedure is not huge though, but it involves a couple of steps. So, here is the process to fix the reconciliation errors in QuickBooks. Let us have a look:

Step 1: Review the opening or beginning balances

Review the opening or beginning balances - Screenshot

In case the user hasn’t already, then he/she needs to ensure that the opening and beginning balances are correct. Also, after knowing that they are accurate, the user needs to look for other related issues.

Step 2: Spot the changed, deleted, or added transactions

There can be several reports that indicate whether anything has been changed, deleted, or added.

Running a reconciliation discrepancy report

This report basically indicates any transactions that were changed since the last reconciliation. They are basically sorted by the statement dates. The steps to access these reports are:

  • First of all, navigate to the reports menu. And then hover over the banking option. Also, choose the reconciliation discrepancy
  • After that, choose the account that you are reconciling. Along with that, select OK button
  • And then, review the report. Check if there are any discrepancies
  • Lastly, discuss the issue with the person who made changes. And later on edit the transaction needed

Running a missing checks report

This report basically shows the missing checks. These might be throwing off the ending balance of the reconciliation. The steps to be followed are:

  • Navigate to the reports menu and hover over the banking menu. Followed by selecting missing checks
Running a missing checks report - Screenshot
  • The next step is to select the account to be reconciled and then hit OK button
  • The last step is to review the report. And also look for any of the transactions on the report that aren’t on the bank statement

Running a transaction detail report

  • For this report, the user is required to navigate to the reports menu and then hover over the custom reports section. Select transaction detail
  • And also, choose the display tab
  • The next step is to select the earliest date in QuickBooks for the account, in the date from field. The user can also leave it blank
  • After that, the user needs to select the date of the last reconciliation in the date to filed
Date of the last reconciliation - Screenshot
  • Also, navigate to the filters tab
  • Now, in the account field, the user is supposed to select the account to be reconciled
  • And also, in the entered/last modified field, set the date from to the date of the last reconciliation. After that set the date to field to today’s date
  • Followed by selecting OK to run the report
  • The next step is to look for any discrepancies or transactions that didn’t match the bank statement
  • Now, speak to the person who made the changes. And then edit the transaction as per the requirement.

It should be noted that in case the user needs to add transactions or if any modification is to made to the transactions that are already reconciled, then the user might need to do a mini reconciliation.

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Step 3: Looking for reconciliation adjustments

At times, the user makes a reconciliation adjustment to force an account in QuickBooks to match the bank records. It is highly recommended to not to do a reconciliation adjustment without the accountant’s guidance. As adjustments do not fix the issue, and can cause problems later on while fixing the errors. The user is required to review the account and ensure that no one made an inaccurate adjustment. The steps to be followed are:

Charts of accounts - screenshot 33
  • After that, open the reconciliation discrepancies account
Reconciliation discrepancies account - Screenshot
  • The next step is to set the dates for the last few reconciliations from the dates field
  • Now, if the user sees any adjustments that are making the account balance inaccurate, then it is recommended to consult whosoever made the adjustment. Also, ensure corrections aren’t conflicting with the adjustments.

Step 4: Finish reconciling

Once you have successfully fixed everything, you can finish reconciling. However, if the user is still unable to spot any issues in the accounts, then he/she might require to undo the previous reconciliation until the opening balance is correct. Also, in case someone edited or deleted the transaction from years ago, the user might need to undo the reconciliation for the past few years to get to where the balance is correct.

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Tackling the reconciliation errors in QuickBooks desktop is not a tedious process, but involves a couple of steps, which we had discussed above. We expect that after reading the above steps, you might be successfully able to fix the error. But if in case you have any query, or for any further technical assistance, we recommend you to get in touch with our QuickBooks enterprise customer support team right away at our toll-free support number i.e. 1-844-521-0490. Our experts and certified accounting ProAdvisors will be there to assist you.


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