This article covers how to troubleshoot an account reconciliation in QuickBooks Online when your opening balance is correct. For troubleshooting steps when your opening balance is NOT correct, see My reconcile opening balance is wrong. How do I make it match my statement?.
To start, select the reconcile issue you are experiencing:
- My opening balance is correct but I have outstanding historical transactions
- My Opening balance is correct but reconcile still doesn't match
Is your opening balance correct, but you still have unreconciled historical transactions in your register?
Let's say your opening balance is correct but you have some old unreconciled transactions in QuickBooks Online which have already appeared on your bank statement in the past. If the opening balance matches, then one or more of these old transactions have already been accounted for (they have been duplicated and marked with an R).
Here's how to deal with this situation:
- Select the Gear icon at the top. From Tools, select Reconcile. Take note of the opening balance.
- Select the Gear icon at the top. From Your Company, select Chart of Accounts.
- Highlight the account in question.
- In the Action column, select the drop-down arrow and choose Run Report.
- Select Customize.
- Set the Report period to All Dates.
- Apply the following filters:
If you are using QuickBooks Online Plus or Essentials:
- In the Rows/Columns section, select Change Columns.
- Check the Last Modified box.
- In the Filter section, check the Cleared box then choose Reconciled from the drop-down arrow to the right.
If you are using QuickBooks Online Simple Start/EasyStart: Go to the Sort By field and select Clr.
- Select Run report.
If the QuickReport shows any transactions that say Adjust or Adjustments in the Memo column and have a letter R in the Clr column, they can be considered possible culprits. Adjustments are made because previous reconciles did not balance. When the adjustment is put in, it is taking the place of an actual transaction that was either missing or duplicated.
If there are no adjustments, once the historical transactions have all been resolved and the report is correctly reflecting the opening balance, you should be able to continue your reconciliation.
When reconciling in QuickBooks Online, you're required to enter the ending balance, which comes from the bank statement. It's imperative that this balance is entered accurately.
If your opening balance and ending balance are correct and the difference does not equal 0, then the error lies in the transactions that have been check-marked.
Go through and double-check the following:
- If you see a corresponding transaction on both reports, cross them off and move to the next transaction.
- If the report from QuickBooks Online has a transaction that is not on the statement from the bank, select the letter R in the register to remove it.
- If the report from QuickBooks Online has a transaction that is on the statement from the bank but the amount is different, edit the transaction to reflect the correct amount.
- If the statement from the bank has a transaction that is not on the report in QuickBooks Online, check the register for the transaction.
- If you find the transaction, place a letter R on it then save.
- If the didn't fin the transaction, add it to the register and place a letter R on it then save.
- If the adjustments add up to the amount of the outstanding historical transactions, you can delete the adjustments and manually reconcile the historical transactions in the register. To manually reconcile a transaction, select Edit from the register and add the letter R in the check mark column.
Note: Accounts connected to online banking have additional features to assist with reconciliation.
If the transactions are all correctly check marked, and the ending balance is correct, then the opening balance has to be incorrect. If this is the case, see My reconcile opening balance is wrong. How do I make it match my statement?.