If you don’t reach a $0.00 difference, the most likely cause is a missing transaction in the reconciliation.
The first step in troubleshooting this is by re-checking the reconciliation. Remember that every line on the bank statement must also be in Finance. This includes returned checks and bank fees.
Transaction is in Finance
- When you find the item that is missing, there are a couple of things to check before continuing
- We will need to leave the reconciliation utility in order to check this. So start by clicking Save to save the reconciliation worksheet. Saving allows you to exit the reconciliation and come back and not have to repeat the work you’ve put in.
- First, look through the register for the transaction you are missing. If you find it, check to make sure the date is within the range you were using, the status is not “Cleared” and that it’s in the correct bank account (make sure to check other bank accounts as well).
- If the date is outside the range, you can simply change that date on the reconciliation. If it’s one of the other options, you will need to do the corresponding journal entries.
Transaction is not in Finance
- If you cannot find the transaction, you will need to add it. Most of the time this will be a bank fee or interest charge that can be added as a journal entry. However, you can also add checks and deposits if necessary.
- After you add the transaction, it will appear in the grid when you re-enter the bank account reconciliation utility.