How do I handle a large discrepancy during reconciliation? I believe it to be an error because when I reconcile in Excel against the bank statement, there's no difference

Thanks for reaching out to the Community about our reconciliation concern, ken104.

I’m here to help ensure you can reconcile the account smoothly. We’ll run some steps to correct the discrepancy.

Let’s start by checking the opening balance amount and making sure it’s the right one. This will resolve any beginning balance issues.

Here’s how:

1. In QuickBooks Online (QBO), tap the Accounting menu on the left panel and choose Chart of Accounts.
2. This will take you to the list of accounts added to the company.
3. From there, look for the one you’re working on and click the View register link.
4. Then search for the opening balance amount.
5. Go to the Account column and it should show as "Opening Balance Equity".
6. Note the date and balance amount.

Next, compare the opening balance with your real-life account. If the information is incorrect, follow the recommended steps in this article: Troubleshooting Issues while Reconciling in QuickBooks Online. Make sure to proceed directly to 2. Compare the opening balance with your real bank account and perform up to 2. Enter transactions that aren't in QuickBooks.

For additional resources, the links below contain solutions on how to resolve each type of reconciliation issue. They contain screenshots, so you’ll be able to do the tasks easily.

• Fix issues the first time you reconcile an account
• Fix issues at the end of reconciliation
• Fix issues for accounts you've reconciled in the past

Don’t hesitate to tap the Reply button if you still need assistance reconciling your account. I’m only a few clicks away from help. Enjoy your day.