When you open the Begin Reconciliation window then select an account to reconcile, the Beginning Balance is zero or incorrect. This may be due to one of the following reasons:
If it is your first time reconciling the account, you can recreate the opening balance but this option is not available in the Begin Reconciliation window. However, you can create a journal entry then do a mini-reconciliation to correct it.
To find the transactions causing the discrepancy, run any of these reports:
To correct the discrepancy, you may need to re-enter or edit the transactions. You can also try one of the following options:
Although you didn’t get a zero difference, select Enter Adjustment to complete the reconciliation process. 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:
Contact your bank if the discrepancy is caused by a banking error that appears when you download or import transactions. For proper assistance when contacting your bank, ask for a bank representative familiar with QuickBooks Bank Feeds and account activation.
Since reconciliation works quite differently in QuickBooks Desktop for Mac and QuickBooks Online, some transactions may get unreconciled which affects your opening balance.
Occasionally, your data file may be damaged or corrupted. To fix the problem, you can try these basic data damage troubleshooting steps on your company file.