An important aspect of accounting is the reconciliation of bank account on fixed intervals to streamline and equate the financial transactions. It ensures the well-being of the company’s accounts. QuickBooks has made the reconciliation of bank accounts super quick and it also provides a summarized report of the reconciliation, but at times you might come across QuickBooks reconciliation problems. There are several reasons for the QuickBooks reconciliation problems to occur and there are several ways to troubleshoot them too. Through this article, we will discuss that in detail.
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What is Reconciliation of Bank Accounts in QuickBooks
Bank accounts are reconciled to check the health of the company’s accounts and to streamline the transactions. It is done to match the transactions done by you with your bank statements and credit card account. On the monthly reconciliation of the bank account in QuickBooks, the balance at the end of the previous month should match the balance at the beginning of the new month. It is a separate process that you need to perform even after importing Bank feeds to QuickBooks. The types of accounts that are generally reconciled are Checking account, Savings account, and Credit card account.
Types of QuickBooks Reconciliation Problems
Reconciliation of bank accounts in QuickBooks though being an easy process is a technical one too and it is advised to be performed by your accountants. It involves a high volume of data and technicality so you might face some QuickBooks reconciliation problems while performing it. Some common types of QuickBooks reconciliation problems are as follows:
- You can get a “Hold on! Your account is not ready to get reconciled yet” message if you have either deleted or modified a previously reconciled transaction.
- If you have changed the date or source account of a previously reconciled transaction then you may get other issues while reconciling.
- A previous transaction that has not been reconciled can also cause some problems.
- You might experience also in exception case Error “Quickbooks crashes when reconciling“.
Methods to Troubleshoot QuickBooks Reconciliation Problem
There are several methods to troubleshoot the QuickBooks reconciliation problem. We have listed them out for you.
Method -1: Search for the Modified Transaction
If a previously reconciled transaction has got edited, deleted, or modified maliciously or by mistake, then it can be searched by checking the reconciliation reports. Here are the steps to run a reconciliation discrepancy report.
- Open the ‘Reports’ menu and then navigate to the ‘Banking’ section.
- Click on the ‘Reconciliation discrepancy’ option.
- Press the ‘OK’ button after selecting the appropriate account.
- You’ll have a list of modified transactions, you should enquire the reasons for such modification and then change them accordingly.
Method -2: Run Missing Check Report
If there is a missing check that needs to be reconciled then that can be found out by running a Missing Checks report. Steps for that are as follows:
- Choose the ‘Missing Check’ report from the ‘Banking’ options in the ‘Reports’ menu.
- Press the ‘OK’ button after selecting the appropriate account.
- Analyze the report and find out any missing checks and correct the entries to reconcile.
Method -3: Verify Transaction Detail Report
At last, you should get the Transaction detail report and see if some transaction has been changed. Follow these steps to do that.
- Click on the ‘Custom Reports’ from the ‘Reports’ section in the ‘Banking’ menu again.
- Select the ‘Transaction Detail’ and then click on the ‘Display’ tab.
- Choose the appropriate dates and then click on the ‘Filters’ tab.
- Choose your account and then again set the appropriate dates.
- Press the ‘OK’ button to run the report.
Additional Tips to Fix “Quickbooks crashes when reconciling”
Revise the adobe reader Preference: To revise the adobe reader preferences first-of-all, Open the adobe reader. Click on the Edit Tab afterwards select the preferences option. Now Click on the Internet Option and Unchecked PDF view on the browser. Tap on Okay and close the adobe reader application. Now go back and start the QuickBooks and reconcile the same report. If the Quickbooks crashes when reconciling, So step ahead and place a call at 1-(855)-542-9309 to get a right-away resolution for QuickBooks crashes when reconciling.
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Now, go through the report and find any irregularities between the transactions shown and the bank statements. Make the changes as required to troubleshoot QuickBooks reconciliation problems. You should also make sure to correct any reconciliation adjustments that have been made to forcefully match the records. Be careful, while performing these steps and consider taking an expert’s advice by calling QuickBooks Helpline at 1-(855)-542-9309.
Erica Watson is writing about accounting and bookkeeping for over 7+ years, making even the difficult technical topics easy to understand. She is skilled at creating content about popular accounting and tax softwares such as QuickBooks, Sage, Xero, Quicken, etc. Erica’s knowledge of such softwares allows her to create articles and guides that are both informative and easy to follow. Her writing builds trust with readers, thanks to her ability to explain things clearly while showing a real understanding of the industry.