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One of the most common errors with the QuickBooks bank reconciliation is that the beginning balance does not match the opening balance on the bank statement. The Beginning Balance – PowerPoint PPT presentation

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Title: jamesdaniel7895


1
SOLUTION FOR QUICKBOOKS BANK RECONCILIATION
PROBLEMS
  • https//www.quickbookssupportphonenumber247.co/blo
    g/quickbooks-bank-reconciliation/

2
What Is QuickBooks Bank Reconciliation Online?
  • Bank reconciliation for your business accounting
    in QuickBooks online can be a different event. It
    is its module, exclusive from the chart of
    accounts, check register, and bank feed tools.
    Just because you've got entered transactions into
    QBO using forms, the bank feed, or some
    third-party data fetching app, you continue to
    get to reconcile your bank accounts in
    QuickBooks. 
  • Typically, youll be reconciling your checking,
    savings, and MasterCard accounts. Some might
    reconcile other current asset accounts and other
    liability accounts, even equity, but the service
    is specialized in the way for reconciling bank
    statements in QuickBooks Online.

3
How To Fix QuickBooks Bank Reconciliation Problems
4
STEPS TO FIX QUICKBOOKS BANK RECONCILIATION
PROBLEMS
  • Step 1 Your opening and starting balances must
    be correct
  • If you haven't already, confirm your opening and
    beginning balances, are correct then find the
    possible errors. Once you recognize these are
    accurate, you'll start trying to find other
    issues.
  • Step 2 Look for altered, erased, or added
    transactions
  • Several reports in QuickBooks show you if
    anything has been changed, deleted, or added
  • Run a Reconciliation Discrepancy report
  • This report presents any transactions that were
    edited since your last reconciliation. They're
    sorted by statement dates.
  • 1. Go to the Reports menu. Go to Banking and
    select Reconciliation Discrepancy.
  • 2. Select the account you're reconciling and then
    select OK.
  • 3. Review the report. Look for any discrepancies.

5
Step 3 Look for reconciliation adjustments
  • Generally, users make a reconciliation adjustment
    to compel an account in QuickBooks to match their
    bank records. One should not do a reconciliation
    adjustment in the absence of an accountant's
    guidance. Adjustments don't fix errors. And if
    you fix the errors afterward, an adjustment
    causes problems down the road.
  • Review the account and confirm nobody made an
    inaccurate adjustment.
  • 1. Attend the Lists menu and choose the Chart of
    Accounts.
  • 2. Open the Reconciliation Discrepancies account.
  • 3. Set dates for your last few reconciliations
    from the Dates field.
  • 4. If you see any adjustments that are making the
    account balance inaccurate, reach out to whoever
    adjusted. Keep in mind that your corrections
    aren't clashing with the adjustment.

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Finish reconciling
  • When everything is fixed, you'll finish with how
    to reconcile in QuickBooks online solving any
    issues in your accounts, you'll get to undo the
    previous reconciliation until the opening balance
    is correct.
  • If someone edited or deleted a transaction from
    years ago, you'll get to undo your
    reconciliations for the past few years to urge to
    where the opening balance is correct.
  • Last Words
  • It is an awesome idea to get into the habit of
    learning how to reconcile in QuickBooks online
    and applying the same online every month. And the
    best practice is to try to do it as soon as you
    receive your statement. As you'll see, QuickBooks
    bank reconciliation is an important skill in
    learning and it's an easy, step-by-step process
    to solve any problem that arises.
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