Reconciliation can be highly time-consuming and frustrating task even for the most experienced accountants. Though with the help of certain accounting software’s the time consumption has been reduced to much extent but errors still remains an issue which causes differences in accounting statements. If you are also facing the same difference issues then today we will answer “How to fix a reconciliation discrepancy in QuickBooks”.
Though we have already covered on the below-given topics, thus if you are not able to correctly work on reconciliation part of QuickBooks then request you to go through them before jumping on how to fix a reconciliation discrepancy in QuickBooks.
Before looking for a fix, we need to first understand why we see such discrepancies in the reconciliation discrepancy report?
Well, there are 2 reasons that can cause such an error:
As already said, that if you are facing discrepancy issue then it may be because of any of the above-given error. If at first, the real cause is not known then you would have to try both the methods to check out what works.
If you have made any changes in your already reconciled transactions then this will affect your accounting balance. If you feel like, this is why your accounts are not being matched then you will have to run 3 different types of reports to find for any discrepancy.
Reconciliation discrepancy report:
What this report basically does is, track all your accounting entries and sort them date wise keeping most recent changes on the top. Run the report and you will find any changes done recently that has caused reconciliation error. Below are the steps to run reconciliation discrepancy report in QuickBooks:
This will help you give any info. about any entry, you might have missed. You can run the missing check report the same way, as reconciliation discrepancy report.
With this report, check out each and every entry and locate for any changes made:
After running all the reports you will most likely be able to know “How to fix a reconciliation discrepancy in QuickBooks”. Now to make the correction, either you can fix the issue yourself or get in touch with QuickBooks expert. Contact us on the number given above and we will help you fix any discrepancy you may have.
If even after running the above report you are unable to fix your issue, then check for any reconciliation adjustment done in the past. For this:
Follow the steps above and you will fix your reconciliation discrepancy issue. If for any reason, you still face problems and wonder how to fix reconciliation discrepancy in QuickBooks and we would suggest talking to our QuickBooks proadvisors. Our technical staff is highly experienced and trained to fix your every issue. Thus wait no longer and talk to us now.
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