How to Fix Bank Reconciliation Discrepancies

did you go in to reconcile and all of a sudden it says there's a discrepancy and you're wondering what the heck happened and how do you fix it you have to unreconcile back to three years ago you are in the right place if we've never met before hi I'm Candace camper and I love to help business owners and bookkeepers create confidence with QuickBooks and today I'm going to give you a little work around to make this so much easier to fix so this is all how do we fix discrepancies in our QuickBooks if you are looking for the desktop version of this training go up above or down below and we will link it we are going to cover online today so let me go in and show you what your QuickBooks might have looked like before the discrepancy happened so you might have felt like everything was balanced it looked totally great and you don't know how the heck did this problem happen so I want to show you why the mistakes happen so you can avoid them in the future but also how to fix them if you've already made them okay so let's go in to the chart of accounts this is where your bank account sits and I want to show you one of the ways that you can do what's called unreconcile if you're not an accountant it's where you come in and you might actually just click off here a transaction is already reconciled or you might have deleted a transaction not knowing that it already reconciled and that is what causes the discrepancies so let's say you click off the r you click yes yes here that's saying hey this is going to modify and you click yes anyway because you don't really understand what that means now you have a discrepancy and this might be what your screen actually looks like it could be cause from what I just showed you deleting a transaction that have already been reconciled because you thought it was a duplicate it can be from five years ago or it could be recent okay what it's common to think is okay because there's a discrepancy I'm just gonna unreconcil it and it's gonna fix it now with QuickBooks Online it's not super easy to unreconcile and it's also not necessary either okay if you want a video on how to unreconcile let me know below and I'll create one for you there is some workarounds that you can do within QuickBooks online but today I want to show you how to fix this without reconciling when you have discrepancy that's what this entire video is about and you're gonna love it I'm going to teach you what I teach inside of my programs confidential QuickBooks or QuickBooks simplified on how to adjust this okay it's called a clean up what I call a cleanup reconciliation it's a term I created I don't think it lives out in the world but it's a candid system okay so when you're in here and you see we can help you fix it and if you clicked on that let me take my face off so you can see it you will maybe see the discrepancy right here or you might not see anything okay now what this says is that it's been unragonciled it might say that it has been deleted if it's been unreconciled we can just reconcile if it's been deleted you actually need to go back in and re-add the transaction and then do what I'm going to show you next okay so you can click view here and look at the history but that doesn't necessarily matter because we already know what we did okay we know that we deleted it but the system will come in here and it'll kind of tell you what happened when it was entered when it was altered all of those things but in the end what we need to do is just re-reconcile it so either enter the tree if it was deleted or voided you want to re-enter the transaction on the original date with the original vendor or customer whatever the situation was the same date the same accounts all of that okay so so that it'll fix it then what you're going to do is you're going to come down here you're going to pay attention to this right here what right here what was the last statement date and you're going to put it in so you want to grab your most recent statement you're going to enter in what was the ending balance don't worry that the beginning bounces off I know that's where a lot of people are like okay I did the part where I re-entered it the beginning balance will not be corrected until we actually reconcile it because this is the reconciled balance okay so you're going to come in here you're going to enter in the ending balance again you're going to enter in the ending balance date that you've already done so use the statement balance the statement date even if you've already reconciled even if it already says this just follow along click Start reconciling you're gonna get these little notifications you can close those or say don't show me again you're going to find the transaction I typically recommend doing one at a time when you're doing what I call cleaning up you're going to come in here and you're going to check mark that you're going to see that now the difference is zero you're going to click finish reconciling and boom you're done you've fixed it so you'll notice we still have the ending statement date which was what where we were at but our beginning balance is correct now you can go in and reconcile when you're doing this type of cleanup what I want you to do write this on your notes hopefully you've been taking notes is when you're doing the old transactions the discrepancy you want to do that as one transaction or group of transactions clean it up then do your traditional reconciliation don't try to combine the two together because it gets a little bit messy okay so let me know in the comments did you have any ahas are you gonna go in and actually clean up with a cleanup reconciliation instead of trying to unreconcile let me know in the comments if you had any ahas if you're new here don't forget to subscribe and give this video a thumbs up so we can reach more people if you'd like to get these tips and tricks in your inbox every single week you can go up above or down below and we'll link it and you'll receive them and if you're thinking oh my gosh I'd really love to learn more about cleaning up QuickBooks and customizing it specific to your business I have two different ways that you can learn okay so if you're saying I really need the A to Z how to do QuickBooks right I'd recommend checking out our customizing QuickBooks Workshop it'll teach you more about confidence with QuickBooks and if you're like I know the a disease but this learning how to clean up and Advance your skills is exactly what you're looking for I actually recommend QuickBooks simplified and you can check out our cleaning up QuickBooks Workshop to find out more about that have an amazing day I can't wait to see you inside my next tip and trick and let me know don't forget to leave a comment say what was your aha are you going to use this and are you surprised that you don't actually have to go back even if the transaction was from five years ago you don't have to unreconcile all those years you can actually do the cleanup reconciliation in your current time frame I know such a cool idea most people are amazed when they learn this because it's something different it's a workaround it's not the traditional way with which you would fix things or what you might be used to get in there try it out remember the key to making this work is don't worry about the beginning balance use the last reconciled ending balance you should have already reconciled to be having discrepancy anyway you can use this on a bank account you can use it with a credit card and you want to make sure that the ending date is whatever you reconciled last up to that date so if it was a year ago use that date it's current use that date and if you have to re-enter a transaction make sure you use the original date of the transaction because we don't want to alter previous reports profit loss balance sheet you want to keep those traditional okay that way it doesn't mess up your reconciliation there is so or your tax returns what I meant to say there's so many things to learn and that is why I look forward to seeing you hopefully in one of my additional trainings have an amazing day talk to you soon bye

Channel: Candus Kampfer

Views: 10,258

Keywords: How to Fix Bank Reconciliation Discrepancies, candus kampfer quickbooks, candus kampfer, how to fix bank reconcilation discrepancies, how to fix bank reconciliation discrepancies in quickbooks online, how to fix bank reconcilation discrepancies in quickbooks online, how to fix bank reconciliation discrepancies beggining balance is off in quickbooks, candus kampfer blog, candus kampfer reviews, candus kampfer quickbooks online, candus kampfer quickbooks simplified

Id: d_8I0k-Ww-g

Length: 7min 48sec (468 seconds)

Published: Wed Jul 12 2023