[Pete]

Any idea why the Quickbooks’ cash balance on the balance sheet doesn’t match the ending balance on the bank reconciliation/check register for that period. I compared the balance sheet from last year with the bank reconciliation from 12/31/2016. These two amounts are different despite the fact the bank reconciliation has been done every month? The amounts shown on the home page amounts in quickbooks match, yet the balance sheet doesn’t match the cash register for last yest, despite comparable time periods.

I

B=84 This exam was such a b**** that I thought I failed-don't know how these things work
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[rb2017]

Common issues/solutions I've seen:

1. The bank accounts are reconciled and then later, a user changes the date of checks/deposits to a different month. (ex: 12/31 check per bank rec, someone then changes the check date to 1/1). This is the most common one I see when clients send over their files.
2. Bank rec date is different than the day of the balance sheet (ex: if the rec says ‘reconciled as of 1/1/xx,' this would show January 1 items on your bank rec when it should only go through 12/31).
3. Control+f the amount you are off by. This might be a quick way to at least find the source.
4. Try to find the first period where the bank rec and b/s don't tie and compare it to the bank statement. This could be tedious if it goes way back.

AUD - 77
BEC - 86
FAR - 75
REG - 77

No need to worry, my accountant handles that.

[Anonymous]

1. Hit refresh button on each just to be sure

2. Check each report is on the same basis (cash vs accrual)

3. Go to the reconciliation screen or transaction history report for the cash account and see what items are missing

[Missy]

You may have to rebuild the database. It's in the file drop down menu. You have to be in single user mode and save a backup copy first.

Old timer,  A71'er since 2010.

Finance manager/HR manager

 

 

Licensed Massachusetts Non Reporting CPA since 2012
Finance/Admin/HR Manager

[Anonymous]

Doing bank recs with Quickbooks is really, really confusing. I did it one and only one time. It was a nightmare. I don't know why, because Qb is so good with almost everything else…..

[Pete]

Yea, it's weird. The bank reconciliation was done a few days ago and matched the bank statement pretty closely. On the 12/31 bank reconciliation report, it states the ending cash was XYZ. You'd think the 12/31 balance sheet would reflect this cash balance as well; however, it shows a discrepancy of over $15,000; the balance sheet is over $15,000 less than the amount shown on the bank reconciliation. This is a small business, so $15,000 is huge. I just can't understand why the ending amount on the bank reconciliation doesn't match the balance sheet.

Can an online version of QB be rebuilt? Seems like a data issue, but I doubt the online version can have “corrupt data.”

B=84 This exam was such a b**** that I thought I failed-don't know how these things work
A=76 Slacker I am, I'll happily take it
R=81 I LOVE taxes
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[Anonymous]

I've seen this happen before. Have you or anyone deleted any transactions recently? You can check the log for deleted/voided transactions. I think sometimes the balance gets screwed up if a bill payment is deleted for example. If it was deleted from the register but the actual bill wasn't deleted, I think that causes an error like this.

If I remember correctly… it's worth a shot to look at. Good luck.

[Pete]

Nothing was deleted as of 4 days ago, when the bank reconciliation was completed. The item would have had to been deleted, after the bank reconciliation was completed?

B=84 This exam was such a b**** that I thought I failed-don't know how these things work
A=76 Slacker I am, I'll happily take it
R=81 I LOVE taxes
F=80 I don't wanna get banned for an expletive I'm thinking with "yea" proceeding it

[Missy]

I can't remember offhand if the online version has an audit report you can use to see all transactions in the last four days but I know in the desktop version you can see if any previous transactions have been modified or deleted.

Old timer,  A71'er since 2010.

Finance manager/HR manager

 

 

Licensed Massachusetts Non Reporting CPA since 2012
Finance/Admin/HR Manager

[Anonymous]

Three things to try:

1. Re-print the bank rec report. Go to Reports, Previous bank recs, then choose the radio button option – reflect changes since running the bank rec (or something like that). See if it ties to the balance sheet now.

2. Look at the bank rec detail. If the balance sheet is as of 12/31, but you have a cleared item dated 1/1, then the rec will not tie to the balance sheet.

3. Call QuickBooks online tech support and get them to walk you through troubleshooting.

[JAM]

The 2 Things I see commonly are :

1. Reconciled transaction is modified : Deleted, date changed, etc.

2. The Balance Sheet report has a filter such as by a class or account type so it doesn't show 100% of the transactions.

AUD : 73, 82
BEC : 76

REG : 72, 75

FAR: 61, 84

[Anonymous]

The Quickbooks Online reconciliation page should show you any changes that have been made to cash for the reconciled period since the reconciliation was completed and what kind of changes they were (modified or deleted).

If something was modified, you should be able to go into the cash register, find the modified transactions, and change their status to reconciled. When you go back to the reconciliation page, this should clear up the problem.

If something was deleted, you should undo the reconciliation (or have a master admin do it if you don't have that ability … check on this by hovering over the reconciliation you need to undo; if you have the ability to undo it, you will see an “Undo” button appear on the far right) and rerun it. It's possible the original transaction that was reconciled was deleted and recorded again in a different way, and you now need to reconcile the new transaction.

If it doesn't look like anything was changed but there is still a difference between the ending bank balance on the last reconciliation and the starting bank balance on the current reconciliation, this means something was deleted, and you should follow the procedure I mentioned above to re-run the bank rec.

[Pete]

Thanks guys. You'd think they would devise quick-books to automatically update the bank reconciliation for items, which were changed deleted, but we don't live in an ideal world.

Would it be easiest to just “start from scratch” at this point? Beginning of the year balance sheet does not reconcile with the bank reconciliation either.

B=84 This exam was such a b**** that I thought I failed-don't know how these things work
A=76 Slacker I am, I'll happily take it
R=81 I LOVE taxes
F=80 I don't wanna get banned for an expletive I'm thinking with "yea" proceeding it

[Missy]

You don't want QuickBooks to automatically update/compensate for changes made after the period is closed otherwise every report and reconciliation is just a moving target. The bigger problem is why is anything different in April than three months ago and how do you prevent such changes going forward, particularly if the year end reports have been provided to anyone external like a tax firm or auditors have to get back to where it was instead of focusing on them tying now.

Old timer,  A71'er since 2010.

Finance manager/HR manager

 

 

Licensed Massachusetts Non Reporting CPA since 2012
Finance/Admin/HR Manager

[GitRDone2017]

The few times this happened to me it was because something was changed after the reconciliation report. Running the 2nd option showed me what was changed. If you do not even have beginning balances that match, the issue could be much deeper. Is it a material amount? Is it worth digging into possibly years worth of data? I actually had a TB come from a client that wasn't balanced this year, I had never seen that before……. good luck!

AUD - 82
BEC - NINJA in Training
FAR - NINJA in Training
REG - NINJA in Training

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AUD Oct 2016
FAR Nov 2016
BEC ?
REG?

[Pete]

The only way to really fix this issue would probably be to start from scratch, unfortunately, it seems. In the past, the checks were dated, when they were received in Quickbooks. For example, a check that was written on January would be recorded in May, when it was entered into Quick-books; this likely irreparably damaged everything. I probably made matters worse by attempting to correct the errors.

B=84 This exam was such a b**** that I thought I failed-don't know how these things work
A=76 Slacker I am, I'll happily take it
R=81 I LOVE taxes
F=80 I don't wanna get banned for an expletive I'm thinking with "yea" proceeding it

[Author]

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