1/1/2023 0 Comments A mess o trouble clues![]() ![]() Similarly, you may summarize transactions in your register, such as bank charges, that the bank itemizes. For example, if you made several deposits on a single day, the bank might indicate the total sum of deposits for that day rather than listing each deposit separately. The bank may summarize transactions that you’ve listed separately in your register. Check to see if the bank summarized your transactions.Entered a deposit as a payment or a payment as a deposit.Missed recording a transaction in QuickBooks.If you don’t have the same number of these transactions in QuickBooks as your bank statement, you may have found your problem. Compare that with the number of these transactions in the Reconcile window. Count the number of checks and withdrawals on your bank statement.You can also run an Audit Trail report to look for modified or deleted transactions. This report may be easier to look at than your register, where transaction types are mixed. You can also filter for transaction types, such as checks, deposits, or payments. You can run the Transaction Detail report, and filter it for the account you’re reconciling and for cleared or uncleared transactions (whichever you’re researching). You can run a report, like the Reconciliation Discrepancy report, to see a list of transactions that have changed since your last reconciliation. ![]() Sometimes something as simple as counting items or checking your totals can lead you to the culprit transaction that’s causing your reconciling problems. Sometimes you may find it easier to find these errors in printouts rather than on your screen. Or perhaps you entered these items in the Reconcile window, but they’re already listed among the transactions in the window. You have not yet entered service charge or interest transactions that are included on your bank statement.You’re missing transactions in your QuickBooks records that appear on the statement.You didn’t notice an incorrect dollar amount on one or more items.You didn’t mark all the transactions shown on your statement.You mistakenly cleared transactions that weren’t on your statement.What do you look for to find the mistakes? Here are some common reconciling errors: So you have a difference in the balance for the account in QuickBooks and your bank statement. Note: Though some of the places that send you statements may not technically be banks, I’m just going to use the term “bank” because it’s a nice, short word instead of “financial institution.” What to look for So what do you do? First off, don’t panic. Reconciling isn’t hard, but it doesn’t always go smoothly. Everything went right, and you’re in good shape. So, you’ve done everything I talked about in Reconciliation: Do you match? to reconcile your accounts. ![]()
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