When reconciling the bank account in QuickBooks®, you may find transaction amounts that do not match your bank statement because the payment received was less than the balance due on the invoice. In many cases, the underpayment is a small amount and your agency may choose to waive the balance.
This article explains how to waive a balance in QuickBooks so that your accounts are reconciled.
See Reconciling the Trust Bank Account in QuickBooks for steps on starting the reconcile process.
Required permissions
In order to complete this task, user permissions must be set to include:
To perform this task, no specific HawkSoft user permissions are required.
See User Permissions for more information.
Example: The check in QuickBooks is listed as $125.89. The statement shows that the carrier swept $126.00. You review the client's invoice and payment history and find that the agent entered $126.00 but the customer paid only $125.89. This $0.11 is likely something you would waive.
Making manual corrections for balances waived
Click Banking > Use Register from the main QuickBooks menu bar.
The Use Register dialog box opens.
Make sure the correct account is selected, and then click OK.
The account register window opens.
Find the check that needs to be corrected.
Edit the check.
For QuickBooks Desktop - Right-click on the check, and select Edit Check.
For QuickBooks Online - Right-click on the check and select Edit.
The Write Checks dialog opens.
Add a balance waived.
For QuickBooks Desktop - Click next available row in the Accounts column, and then use the drop-down list to select Balances Waived.
For QuickBooks Online - Choose the next Category column and select Balances Waived from the drop-down.
See and for help on setting up accounts.
Enter the amount you are waiving.
This could be a positive or negative amount.
Enter an explanation for the waived balance in the Memo field.
If you are using QuickBooks Desktop, click Recalculate.
QuickBooks Online will automatically recalculate.
The new amount of the check should match your statement. See example above.
Click Save and Close.
The Recording Transaction dialog opens.
Click Yes to confirm your changes.
You are now able to continue the reconcile process.
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