My Quickbooks checking account register is off by $111.45 from the bank's balance. (QB shows that I have more than the bank) I don't have the time to go through it to find the error. How can I make a simple adjustment entry to make the balance correct for the end of the year? I do not use the reconciliation features in QB, I just check the account every day online and check off what has cleared.
The reconciliation feature in Quickbooks is so easy to use. It would be best if you take the time to reconcile the account. If not, you can make a journal entry for the $111.45 by crediting the bank account and debit a special expense account for unreconciled differences.
When you say a "special expense account," Do I have to create that account in some special way, or is it just a normal expense account? I would think it shouldn't effect the P&L report since it's not really an expense, but more of a f*ck up ;-)
That is why you need to reconcile. Lol. It may be that a payment was not posted but has cleared your bank account or bank charges, so it is probably an expense. Just create an expense account for it until you find out why there is an error.
I just check the bank each morning and check off the transactions that clear, in the register. This method has worked fine for me for a long time. So it's only off a hundred bucks and I'll waste more than that in time trying to find the problem. I'll create an expense account called "balance adjustment" and charge it to that.
