QuickBooks says your bank account is reconciled.
The difference is $0.
There's a beautiful green checkmark.
You're done, right?
Not necessarily!
I was recently reviewing a reconciliation and discovered several duplicate transactions.
The expenses had been recorded as payments from the bank account when they had actually been paid by credit card.
The bank reconciliation still balanced because those incorrect transactions were sitting there unchecked.
That's why I always recommend reviewing the transactions that DIDN'T clear.
Are they legitimate outstanding checks?
Are they recent transactions that simply haven't cleared yet?
Or are they duplicates and errors that shouldn't exist?
Those unchecked boxes can tell you just as much as the checked ones.
A $0 reconciliation difference doesn't guarantee a correct general ledger.
The bank feed makes reconciling easier, but it doesn't eliminate the need for review.
Here's your challenge:
Open your most recent reconciliation and look at the uncleared transactions.
Anything there that doesn't belong?
If you'd like help cleaning up your QuickBooks file, let's talk.
Schedule a conversation here: