1. The starting balance of the most recent month’s bank statement (and the bank reconciliation starting balance) should always be equal to the ending balance of the previous month’s bank statement and bank reconciliation. Any differences are typically because a transaction was voided or changed that should not have been. If there’s a difference, you can try to fix it yourself by running the reconciliation discrepancy report under the banking section of the reports menu. If that report shows no changes were made, or if identifying and correcting the errors are beyond your abilities, try undoing and redoing the previous month's reconciliation or contact a professional.
2. The ending balance of the bank reconciliation should always match the bank statement exactly. Don't be tempted to force the reconciliation, even if it is only off by a few dollars- it's often a symptom of other errors. If you are diligent in your data entry, this feature can help identify duplicated charges, fraudulent activity, and miscategorized transactions.
3. Every transaction in QB should match what was ACTUALLY done in the bank accounts. If a transaction was done the wrong way or something was deposited into the wrong bank account, both the incorrect bank transaction and the correcting bank transaction should show up in QuickBooks instead of just the transaction that was meant to happen.
4. When you are doing the reconciliation, keep an eye out for the following, which are indicative of errors:
a. Debit (ACH) transactions that have not cleared the bank account by the end of the month they’re entered in QB, unless they are at the end of the month- in which case they may clear the following month.
b. Bank deposits that have not cleared the bank account within a few days of the actual transaction.
c. Checks that you’ve written and are still outstanding 90 days after they’re written.