Reconciliation Discrepancy report
I have a discrepancy in my Reconciliation Discrepancy Report of $55.00. I want to get rid of this, how do I do this without reconciling again all the way back to 2001?
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09/03/08 7:24am PDT
6 Replies
LauraD
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09/03/08 7:33am PDT
Can you complete your bank rec?
Laura D
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Laura Dion
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When in doubt, make a backup first!!
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Laura Dion
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09/03/08 7:55am PDT
I have completed my bank rec, by having QB's fix the error. Now its on the reconciliation discrepancy report and the owner would like to have this corrected so we do not show this account on our P&L.
LauraD
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09/03/08 8:05am PDT
Edit that transaction to use Miscellaneous expense or Office expense.
That will work.
Laura D
My motto:
Keep it as simple as you can. . .with only as much detail as you need.
When in doubt, make a backup first!!
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Laura Dion
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Keep it as simple as you can. . .with only as much detail as you need.
When in doubt, make a backup first!!
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Laura Dion
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Debbie
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09/03/08 8:09am PDT
QB creates an account automatically called Reconciliation Discrepancies if you click the Reconcile Now button. To get rid of this account, you can "bury" it whereever you like. Many use the famous "Office Supplies".
To do this, pull up your register. Find that entry created by QB. Double-click to pull up the "check". Change the account now being used, Reconciliation Discrepancies, to the account of your choosing. Office, for example.
It's gone from the P&L as a separate line item. If you like, you can go to the Chart of Accounts and delete the Reconciliation Dispcrepancy account. It will appear again on your COA, if you click the Reconcile Now button again.
Hope this helps!
Debbie
PS: Of course, I am a believer in no discrepancies in the bank rec. I don't like clicking that button!
Debra Kilsheimer
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09/03/08 8:14am PDT
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The choice seems to be a journal to take the adjustment to equity - generally not a great idea.
Or write off in current period, in essence the impact will be on the current period PL statements.
Making the choice is a matter of its relative materiality as an adjustment to beginning equity as a prior period adjustment. Is the balance sheet audited, published to banks, or otherwise signed off on by ownership such that all prior period balance sheets were also off by the unreconciled item since 2001? If so, you're locked into an AJ to the current period to get the transaction out of the checking account, so to speak, and off the books. Hit a PL account that is relatively large in value such that the "buried" transaction's impact on the current PL is immaterial to any financial decisionmaker. You'll have to rerun the current month's reconciliation to prove up the $55 is no longer on the reconciliation report.
SH
