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Difference in Total for Bank Reconciliation

  • Fellow PM.Dip
  • Practice Licence
  • 424 posts
  • # 113206

Hi All

I am baffled.

I completed a bank reconciliation for April for the company I work for via their software, Quickbooks online. Everything balanced handsomely.

I went to start the bank rec for the month of May and the starting balance does not agree with the ending balance from April. There is a difference of over £9k.

I cannot find where this discrepancy has come from.

Any ideas?

 

Thanks in advance.



Edited at 15 Jun 2016 09:16 AM GMT

  • 491 posts
  • # 113225

Hi David

This will be something that's changed since you last did a reconcilation - i.e. a transaction (or transactions) has either been 'moved' from the date range of your reconciliation, to outside that date range, or something has been deleted.

Try going into the audit trail and filter deleted transactions, this may show something......

If you are a Proadvisor and have the QBOA (QuickBooks Online Accountant) version dashboard, then if you log into your clients account with this, you'll be able to see the differences that have occured when you go to 'reconcile' as they'll be listed there very clearly.....

Finally, if you put in the same reconcilation figures as the last time - i.e. if you reconciled to 30th April and the ending balance was £1000 on the actual paper statement, enter this again as if you're going to reconcile again, then if something has been moved, it may be showing, complete with a tick, with the balance being zero, where the program has recognised the change and sorted itself, but you'll see what the change was too.

You could also work out the difference between what its showing now, versus what it was showing, then put that in to the search to see if one single transaction comes up with that amount. If it does, there's every liklihood that this is your 'moved' transaction that's causing the issue.

The only other thing I can think of is if a bank feed that has previously been reconciled has been 'unmatched' and relinked with a different item, this can also cause this - but if you're doing the reconcilations, it's unlikely a client will have done this.

Hope this helps....

  • Fellow PM.Dip
  • Practice Licence
  • 424 posts
  • # 113230

Thanks Carol

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