I want to make sure you can complete the reconciliation, @wendyshard,
I can share some information about the beginning balance and provide the steps on how to correct its discrepancies.
The beginning balance of an account is the the closing balance of your previous reconciliation. However, for new accounts, discrepancies are sometimes caused by an incorrect opening balance assigned during the initial set up.
To rectify the problem for previously reconciled accounts, you'll need to correct the ending date of the prior month period. Perform the steps below:
- Go to the Gear icon on the navigation panel.
- Select Reconcile.
- Choose the account to reconcile.
- Check the last Statement Ending date.
- Make sure the beginning balance is correct.
You can also find these steps in this article: Fix an opening balance to match a bank statement
If this is for a newly created account, you can only edit the opening balance if you haven't created any transactions. To correct the discrepancy, create a journal entry. Here's how:
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Click the Create icon (+).
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Pick Journal Entry.
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Key in the Journal date and fill out the Account field.
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Add the amount in either the Debit or Credit column. For assets and expense accounts, enter the opening balance amount in the Debit column. For liabilities, equity, and income accounts, enter the opening balance amount in the Credit column
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Next, select the Opening Balance Equity account in the Account column
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Enter the opening balance amount in the opposite column than the one you used on the first line.
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Hit Save.
You can check out this article to know more about the process: How to enter a beginning balance for an existing account
Please update me once you've tried the steps. I want to make sure you're all set with the reconciliation process. I'll keep an eye out for your response. Have a nice day!
