The reasons for the discrepancies can be caused by, when previously reconciled transactions have been added, changed, or deleted or by the reconciliation adjustments such as Journal entries, etc.

 

To fix it:-

When transactions missing or have changed

 

When the reconciled transactions that were added, changed, or deleted, then the last reconcile will affect your opening balance. There are various reports available in QuickBooks Desktop that will help you in identifying discrepancies & fix transactions.

Reconciliation Discrepancy Report –

 

The report shows that the transactions are sorted by statement date that were changed since the last reconciliation.

Step 1 –

In Reports menu, click Banking > Reconciliation Discrepancy.

Step 2 –

Select the appropriate account then click OK.

Step 3 –

Then, review the report to identify any discrepancies.

 

Missing Checks Report –

 

This report will help you verify missing transactions.

Step 1 –

In the Reports menu, select Banking and click Missing Checks.

 Step 2 –

Select the appropriate account then click OK.

Step 3 –

Review the report for the transactions that don’t match your bank statement.

 

Transaction Detail Report –

 

This report will help you verifying the transactions that were changed or modified.

Step 1 –

In the Reports menu, select Custom Reports and click Transaction Detail.

Step 2 – Under the Display tab select the following:-

  • Date From – The earliest QuickBooks date (or leave blank)
  • Date To – The date of last reconciled statement

Step 3 – Under the Filters tab select the following:-

  • Account – The account being reconciled
  • Entered or Last Modified
  • Date From – Date of the last reconcile
  • Date To – Today

Step 4 –

Click on OK to run the report.

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