Reconciliation is associated with accounting tasks where the comparison between financial records takes place. It happens when transactions are added by the users, similar to their transaction reports of bank or credit card. The process is done daily to maintain the conspiracy in the account records. QuickBooks is the efficient software launched to take care of accounting processes, bank transactions, payroll systems, etc., for small and mid-sized companies. If you can’t do the bank reconciliation process in QuickBooks, you must take the expert guidance by calling the QuickBooks support number to resolve it quickly.
How Does QuickBooks Help to Verify the Transactions?
QuickBooks users primarily benefit from QuickBooks features that are natural choices to manage your businesses’ financial requirements and calculations. You can have complete control of your small and mid-sized firms through this software. However, there are several types of errors you may face while working with QuickBooks software. One such problem is associated with the Bank Reconciliation process.
- QuickBooks maintains the records of all deposits, payments, and bank charges during transactions.
- QuickBooks bank register transactions have an ending balance the same as the original bank account. Therefore, you may have to avoid bank reconciliation errors.
What Do You Mean by QuickBooks Reconciliation Process?
One of the vast problems that users may face is the Bank Reconciliation in QuickBooks. QuickBooks users always complain about the reconciliation of bank account after several years of using them. So, you may face troubles created by previous users of QuickBooks. Even if reconciliation is not finished, but it is showing its records of completion previously.
Why Does Bank Reconciliation Problems Occur?
Some of the probable causes behind Bank Reconciliation errors in QuickBooks are mentioned below.
- Incorrect or inappropriate payment date
- Non-reconciled transaction. Transactions have done a significant method to ensure that no checks are left along with the pending payments
- It is caused due to irrelevant bank reconciliation. A strict method must be executed to believe the unexpected bank reconciliations statement not existed in the operating system
- Missed check reports can cause the problem in QuickBooks Bank Reconciliation
- Modified, removed, or added transactions are causing bank reconciliation issues.
Steps to Troubleshoot QuickBooks Bank Reconciliation Problems
Fix the problem to implement each step of the solution perfectly. Read all methods carefully and get your way.
Method – 1 Change, Removed, or Added Transactions
The report will display the correct statement transactions date changed previously when the bank reconciliation process is executed.
- Choose the banking option from the Reports and Reconciliation discrepancy
- Choose the correct account and press ok
- Scrutinize the report and find out if any transaction mismatch with your bank statement.
- Missed Check Reports
- It will help to confirm the lost transactions
- Select the banking option under the Reports menu and press on missing checks
- Choose the valid account and select ok
- Go through the report carefully and navigate if any transaction mismatch with your bank statement.
Method – 2 Reconciliation Process
Reconciliation adjustment may be taken place because of the last forced reconciliation that causes QuickBooks reconciliation errors. Additionally, examine the Reconciliation discrepancy account if you made any incorrect adjustments.
- Select the Charts of Accounts from the list-menu
- Press two times simultaneously on the Reconciliation discrepancies account
- Require to pick up the relevant filter from the Dates section.
Method – 3 Solve the Starting Balance Warning
- If a transaction value or date changed in the correct digits
- If your previous transaction is reconciled
- When your bank transaction last time because of an error creating a problem
- If you delete the transaction erroneously or for some other cause.
Upgrade the transaction to resolve the error
- Select the correct link when you find the starting balance discrepancy warning and then access the Discrepancy report.
- Ensure that you navigate the transactions that the report has reported.
Method – 4 Various Number of Transactions
Compare the number of transactions on the table where similar transactions added in your bank statement and place them on the reconcile page. Go through the below steps for the comparison.
- Select the transaction type on the Reconcile page. The button has displayed the Payments and Deposits for your bank accounts. Next, find the button highlighted as Charges and Payments for credit card accounts.
- Write down the number of transactions you have taken up for every type of transactions
- Finally, compare each of them with your bank statements.
QuickBooks Bank Reconciliation offers you unlimited benefits when it creates a tricky issue to resolve. The article will give a detailed structure about the causes and solutions for reconciliation issues. Then, detect your problem with the reasons and implement the solutions accordingly. You must call the QuickBooks customer service number to resolve it if you face any error in QuickBooks. You can keep your query in the live chat as well. The technical expert will help you to fix the issue quickly.