When you open the Begin Reconciliation window and select an account to reconcile, the opening balance is zero or incorrect.
This issue can occur for several reasons:
If this is your first time to reconcile the account and you entered an incorrect balance or if you did not enter an opening balance at all when you set it up, your beginning balance will be incorrect or zero. You cannot edit the opening balance in the Reconciliation window. However, you can create the opening balance with a journal entry then do a mini-reconciliation.
To find the transactions causing the discrepancy, run any of these reports:
NOTE: If you are using QuickBooks Pro, you may get only the last reconciliation report. To keep a copy of other reports, you can save a PDF copy on your hard drive. To learn more and to see other options, click here.
To correct the discrepancy, you may need to re-enter or edit the transactions. You can also try one of the following options:
Make sure to back up your company file before you proceed with the steps below.
There may be cases when after undoing last reconciliation, the beginning balance on the Begin Reconciliation window does not revert to the previous beginning balance or doesn't refresh when clicking Continue but instead, moves you to the reconciliation window to redo the last reconcile. This can be resolved by closing and reopening the Begin Reconcile window. Make sure the correct statement date is entered.
Although you didn’t get a zero difference, you can still complete the reconciliation process by clicking Enter Adjustment. QuickBooks will automatically enter a Journal Entry under a special expense account called Reconciliation Discrepancies. You can check and edit it as needed by going to your Chart of Accounts.
If you need to locate the Journal Entry, you can:
If the discrepancy is caused by a banking error you encountered when you download or import transactions, it is best to contact your bank as the majority of Bank Feeds errors are resolved on their end. For proper assistance when contacting your bank, ask to be transferred to a bank representative familiar with QuickBooks Bank Feeds and account activation.
Since reconciliation works quite differently in QuickBooks for Mac and QuickBooks Online, some transactions may get unreconciled and your opening balance is affected.
To know more:
If you converted from Mac, see transactions appear to be unreconciled after Mac conversion.
If you converted from QuickBooks Online, refer to export limitations for QuickBooks Online to QuickBooks Desktop.
Occasionally, your data file may be damaged or corrupted.To fix the problem, try to use rebuild and verify data utilities.