Fixing Reconciliation Discrepancies: What’s The Best Approach?

multipurpose-tool-01Reconciliations are a fundamental part of maintaining an accurate, balanced Quickbooks account. Users who fail to reconcile their accounts on a regular basis will likely experience erroneous transactions, missed transactions, and other clerical errors. Whether your business is small or large, accounting errors are bound to happen, which is why Quickbooks makes the process of finding them fast and painless thanks to the reconciliation process. But once you’ve located the discrepancies, how are you supposed to fix them?

Discrepancy Caused By Incorrect Opening Balance

There are several different occasions when Quickbooks users may notice a discrepancy in their account, one of which is when  the opening balance is incorrect. If you noticed the opening balance on your account didn’t match up to your financial reports, you should attempt to fix it by scrolling through the register to fix the problematic transaction. Depending on the size of your business along with the number of transactions you perform, this may or may not be an easy process. Continue scrolling through the transactions until you find the one that’s responsible for the discrepancy, at which point you can adjust it accordingly.

In the event that you’re unable to locate the problematic transaction, you can fix the problem by ‘undoing’ your previous reconciliations until the opening balance is accurate. Don’t be afraid to undo several reconciliations until the balance is correct. Quickbooks allows users to fix problems such as this by reversing their reconciliations.

Run a Reconciliation Discrepancy Report

If you haven’t done so already, go ahead and run a reconciliation discrepancy report. This will provide useful information on what exactly is causing the error. If any transactions were deleted or edited, they will show up here. Reconciliation reports show changed made to the account since the last reconciliation; therefore, you should continue undoing your reconciliations while running a report in between each one until you’ve found the source of the problem.

To run a reconciliation discrepancy report, click ‘Reports’ from the main menu, followed by ‘Banking’ and ‘Reconciliation Discrepancy’ Reports are typically finished within a minute, and once it’s finished, you can browse through any changes made since the last reconciliation.

Other Tips on How To Fix Reconciliation Discrepancies:

  • Make sure to include interests and fees in transactions.
  • Look for changes in reconciliation discrepancy reports.
  • Watch for deleted or modified transactions.
  • Double check the ending balance in your Quickbooks account.
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