Reconciliation Errors

Mismatch , discrepancies , out of balance are most common issue & error comes during Bank Statement Reconciliation which need to fixed.

Bank Reconciliation Problems & Errors

There can be omission or error in the cash book that can lead you to differentiate between balance according to bank statement and balance according to cashbook. For example, withdrawals from other accounting or ledger or bank deposits may incorrectly be recorded by entity. Likewise, a bank withdrawal or deposit may be completely edited or omitted from cash book. The balance shows in the bank statement to be lower or higher cash book balance due to such discrepancies. It depends on the nature of the error that has occurred in your software.

Bank reconciliation is concluded as a imperative process that companies have to undertake irrespective of size or industry. Although it is a lengthy process but not a difficult process. There  are times when the process does not run seamlessly. To wrap up the reconciliation easy and quick you need to ensure instant documentation, follow triple reconciliation on a regular basis, error analysis etc. The user can face certain kinds of errors during the bank reconciliation process. The below discussed points will give a clear information related to reconcile errors.

Errors in Bank Statement Reconciliation
Errors in Bank Statement Reconciliation

At times like a very simple thing like counting items or checking the final total becomes the reason for the cause of the error. The errors that commonly happens are reported below:

  • Make a count of total number of checks and bank account withdrawals. Then you compare the following transactions in the reconcile window and follow the same for the the deposits. In case you do not have the the similar number of QuickBooks transactions like the bank statement, you might face the problem like below mentioned:
    • Missing transaction records with in QuickBooks program
    • Absence of item marking as cleared or removed
    • Marking an item as marked as cleared/removed
    • Twice entry of the same transaction
    • A deposit entry is entered as payment or vice-versa
  • Verify to view the bank summary of your transactions. The bank might summarize transactions that are listed individually in the register.
  • Verify the total amount of dollars of the checks, withdrawals, or deposits. In case the total mismatches it means a wrong or incorrect transaction is entered in QuickBooks application.

How to Fix the Incorrect Amount?

 

In case a wrong amount is identified in a transaction, follow the below steps to fix it:

  • Go to the Reconcile window -> Choose the wrong transaction.
  • Then click Go To.
  • Type the right amount of the transaction. Click OK and the alterations will made will be saved.
  • Select Banking or Click in the Reconcile window -> Reconcile to return to the list of marked transactions.
  • Then mark the altered transaction as cleared.

For more detailed information you can connect with ReConcileBooks. It is a reliable support agency that hires experienced QuickBooks professionals who offer instant support in  a very short time. Click to the toll free number +1844-640-1481 and garner instant support.

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