Reconciliation is the process in which the transactions done by you, is matched with your bank statements or credit card account. Though, once you have entered transactions into QuickBooks Online with the use of forms, bank feed, or other third-party data fetching app, you will yet be in need to reconcile your bank accounts in QuickBooks. Generally, you will be reconciling your checking, savings and credit card accounts. While at some point in time QuickBooks Bank Reconciliation Problems come across the process and reported many times. Thus, the process of reconciliation must be done on a regular basis to check the accuracy of the accounting records.
However, there is a relevant troubleshooting guideline to eradicate the problem that is your accounts in QuickBooks Online don’t match your bank records when processing reconciliation. You can obtain such an efficacious solution of the QuickBooks Bank Reconciliation problem via placing a call at QuickBooks Contact Number. We have a tech-savvy team always ready to proffer world-class solutions in a cost-effective way. Hence, associate with them and get a handy resolution process. Moreover, you can read this blog!
Solutions to Fix QuickBooks Bank Reconciliation Problems
If the transactions you have entered in the QuickBooks Desktop don’t match with your bank statement. Go to the below-noted instructions to resolve the QuickBooks Bank Reconciliation Problems. Have a glimpse at below:
Step 1: Review Your Opening and Beginning Balances
Firstly, you have to check the opening and beginning balances and make sure they are correct. Once you know these are accurate, you can further look for other issues.
Step 2: Search for Changed, 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
This report confirms any transactions that have changed earlier since your last reconciliation. They’re arranged by statement dates. Look-up at given instructions:
- Go to the “Reports” menu. Move to Banking and opt “Reconciliation Discrepancy”
- Choose the account currently, you’re reconciling and then press OK
- Review the report. Look for any discrepancies
- Consult the person who made changes. There might be some reason behind it. Once you know, edit the transaction as required
Run A Missing Check Reports
Once you run a missing check report, it will show you if any missing checks. These may be informing you about the ending balance of your reconciliation. Do it by the following steps:
- First, go to the “Reports” menu. Click on the “Banking” option and then choose “Missing Checks”
- Now, select the account you’re reconciling and then press OK
- Review the report. Look for any transactions that have entered on the report that aren’t on your bank statement. If they are actually not on your bank statement, they shouldn’t be on your reconciliation
Run A Transaction Detail Report
Follow-up the below statements to check if any transactions have been changed or not:
- First, you are recommended to go to the Reports section. Fly over “Custom Reports” and choose the “Transaction Detail”
- Opt the “Display” tab
- In the Date From field section, select the earliest date in QuickBooks for the account. Despite selecting it, you may also leave it blank
- In the Date to field section, select the date of your last reconciliation
- Go to the “Filters” tab
- Choose the account you’re reconciling from the Account field menu
- In the Entered/Last Modified field, set the Date from to the date of your last reconciliation. Then set the Date to the field to today’s date
- Click OK to run the report
- Look for any discrepancies or transactions that don’t match with your bank statement or credit card account
- Talk with the person who made the change. There may be a reason they made the change. Once you know, edit the transaction as it is beneficial to do it
Step 3: Look for The Reconciliation Adjustments
Sometimes users make a reconciliation adjustment to forcefully match their bank records in QuickBooks Online. Without your accountant’s guidance, you shouldn’t make adjustments in your reconciliation. Adjustments don’t fix errors. And if you fix the errors later on, an adjustment creates trouble in processing.
Hence, review the account and make sure no one has made adjustments inaccurately.
- Go to the “Lists” menu and select “Chart of Accounts” option
- Open the Reconciliation Discrepancies account
- From the Dates field, set dates for your last few reconciliations
- If you see any adjustments that are making the account balance incorrect, reach out to whoever made the changes in the adjustment. Ensure that your modifications aren’t conflicting with the adjustment
Contact Experts for Further QuickBooks Bank Reconciliation Tips
Once everything is fixed, you can finish reconciling. If yet, you get the QuickBooks Bank Reconciliation problem, then talk to highly expert techies. To get united with them you just need to place a call at QuickBooks Service Number anytime by sitting at your home. They will immediately connect you and give the one-stop solution at your door-step in no time.