Common QuickBooks errors and how to resolve them

Bank account does not balance

All bank transactions are entered manually/via bank download however the bank balance per QuickBooks does not agree to the balance per the bank statement. This could be due to a number of reasons such as timing, duplications, etc…

To correct: Click on company cog, then click reconcile and then enter the details per the bank statement. Go through and tick each transaction that has cleared the bank until the account balances and the difference on the top of the screen reads zero. Review any unreconciled transactions to check why they are still outstanding and ensure they are not duplications.

You’re not reconciling other balance sheet accounts

The reconciliation process can be used for various other balance sheet items such as credit cards, bank loans, inter-company balances, petty cash etc…

Deleting transactions

If you have entered a transaction incorrectly please consider any linked accounts before deleting the transaction.

Outstanding bills

A bill is showing on your aged payables report that you know has been paid. It is likely that this payment has been recorded as an additional expense therefore duplicating the invoice or allocated against an incorrect bill.

To correct: Search for the payment amount in the search bar and select the payment. Change the supplier on the payment and allocate to the correct bill then save.

Duplicated customers/suppliers

You notice that a debtor has been set up twice in the customer list, or creditor in the supplier list.

To correct: Change the duplicated customer/supplier names to exactly the same, this will prompt QuickBooks to ask you to merge the accounts together.

Not using the reports available

Various reports such as profit & loss, balance sheet, aged receivables & aged payables are available at the click of a button. These reports can help to identify any mistakes and give a valuable insight into how the business is performing on a day to day basis.

Never ending recurring transactions

When setting up a recurring transaction no end date was input and transactions are still being input when the contract has ended.

To correct: Click company cog, then click recurring transactions select the recurring transaction and on the drop down menu delete. Then once the bank account has been reconciled (see step 1) remove any transactions that were after the contract had ended.

Getting the most out of QuickBooks can be beneficial to your business as a whole; Moore & Smalley offer various levels of support and training. We would be happy to discuss these with you at any given time.

If you would like to discuss QuickBooks in more detail, or you would like to speak with a member of our team, please contact Danielle Taylor or call 01253 404404 to be put in contact with a member of our Small Business team.