QuickBooks is one of the most advanced accounting software that has gained global acclaim. Its well-designed tools, user-friendly interface and low cost are the reasons for its popularity.
Errors can occur in this software due to various reasons. QuickBooks Reconciliation Problems occur when there is a mismatch between your QB desktop accounts and the data in your bank statements. Users are often baffled when they face these problems.
If you are also confronting these issues, continue to read this blog to find some effective solutions.
One of the best ways to resolve QuickBooks Reconciliation Problems is to consult with a certified specialist. Get in touch with our QuickBooks support team by dialling 1.855.738.2784 anytime, any day.
Most Common Reasons for the QB Reconciliation Discrepancies
The QB Reconciliation Discrepancies can occur due to various reasons. Some of them are as follows:
- If some reconciled financial data was inadvertently deleted or edited, these problems can occur.
- Entering duplicate information in the QB account often triggers these problems.
- If there are incorrect balances in your account, these problems are likely to occur.
Effective Process to solve the QB Won’t Reconcile Problems
You can follow this process step-by-step to resolve the QB Won’t Reconcile Problems:
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Step 1: Make sure that your opening and beginning balances in the QB desktop are correct
You should ensure that the opening and beginning balances in your QB account match exactly with the bank statements. Proceed to the next step if the balances are correct.
Step 2: Locate the transactions that could have been added, deleted or edited
You can execute various reports in the QB desktop to identify the transactions that may have been changed.
Step 2.1: Find out the edited transactions by executing the Reconciliation Discrepancy Report
- Head towards the ‘Reports’ menu and hit the ‘Banking’ tab to choose the ‘Reconciliation Discrepancy’ option.
- Among various accounts, you should now identify the account that you want to reconcile and hit the ‘OK’ tab.
- You can now search the report for any changed transactions.
- After you know the reason for the change, you can edit the respective transactions.
Step 2.2: Find out the missing checks by executing the Missing Checks Report
- Head towards the ‘Reports’ menu and hit the ‘Banking’ tab to choose the ‘Missing Checks’ option.
- You can now identify and choose the account that you want to reconcile and strike the ‘OK’ button.
- You can now go through the report for any changed transactions.
- After you know the reason for the changed data, you can change the respective transactions.
Step 2.3: Review the entire report by executing the Transaction Detail Report
- Move towards the ‘Reports’ menu and hit the ‘Custom Reports’ tab to choose the ‘Transaction Detail’ option.
- Click on the ‘Display’ button and choose the earliest date in the QB account in the ‘Date From’ option.
- At the same time, you should choose the last date of your reconciliation in the ‘Date to’ option.
- Navigate to the ‘Filters’ tab and choose the account that you want to reconcile in the ‘Account’ option.
- You should now head towards the ‘Entered/Last Modified’ tab and enter your last reconciliation date in the ‘Date From’ option.
- You have to now identify the ‘Date to’ option and enter today’s date into it.
- Hit the ‘OK’ tab to execute the report and identify any errors in the transactions. You can now correct those errors.
Step 3: Make sure that there are no wrong adjustments in the QB account
- Head towards the ‘Lists’ menu and click on the ‘Chart of Accounts’ button.
- After opening the ‘Chart of Accounts’ tab, you should hit the ‘Reconciliation Discrepancies’ button.
- Identify the ‘Dates’ option and enter some of the previous reconciliations.
- If you identify any adjustments that are responsible for wrong balance in the accounts, you can rectify them
When all the reconciliation problems are sorted out, you can finish the reconciliation process.
You have now learnt the reasons for the QuickBooks Reconciliation Problems. Furthermore, you also got a detailed overview of the process to eliminate these problems. It is essential to follow correct procedure to rectify these problems.
If you require further assistance, you can dial 1.855.738.2784 to contact our QuickBooks support team.
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