Bank Reconciliation

Hi there, @buyersremorse. I'm here to shares insights about reconciliations in QuickBooks Online (QBO) and on how we can locate the discrepancy link.

When reconciling an accounts in QBO, we'll need to make sure that the opening balance is correct since it's the starting point for accounts. Once it's incorrect, it affects all following reconciliations. Also, each time you reconcile be sure to check the beginning balance if it matches your bank statement for the same start day. If it doesn't, we can review the following to fix it:
 

• Review the original opening balance before the beginning balance.
• Check your bank statement to ensure you're reconciling the correct accounts.
• Match and categorize downloaded transactions to get the final correct beginning balance.
• Review any discrepancy reports, if you made changes that affects your beginning balance, you'll get an error message that says "Your account isn't ready to reconcile yet."

Here's how to view discrepancy reports:
 

1. Go to the Accounting menu.
2. Select Reconcile.
3. Select the We can help you fix it link to open your discrepancy report.
4. Review the discrepancy report, for you to decide if and how to make changes.
5. Before making changes be sure to confirm it the changes are intentional or not.

If you know you need to make corrections, review each transaction on the report one at a time:
 

1. Select View to see the history of changes to the transaction.
2. Review the Change Type column. This tells you what changed.
3. Update it based on the message in the Change Type column.

For additional information, you can refer to the following articles:
 

• Fix issues for accounts you've reconciled in the past in QuickBooks Online
• Enter and manage opening balances in QuickBooks Online
• Fix issues the first time you reconcile an account in QuickBooks Online

If everything is all ready and your beginning balance is accurate, you can start reconciling an account.

If you have clarification or additional information, please leave a comment below. I'll be here. Have a good one!

Thank you for your response.  The problem is that the message 

"Your account isn't ready to reconcile yet." does not appear. There is no error box whatsoever. Is there another path to get to reconciliation discrepancies without using that error box?

My Reconciliation Report shows a total dollar discrepancy, however, There are no transactions listed. I know that the amount is a deleted transaction from March.  How do I fix it ?

Hi there, @DebbieTR. I've got your back, and I'm here to help fix the discrepancy on your reconciliation report in QuickBooks Online (QBO).

To get through this, you can re-create the deleted transaction and then proceed to do a manual reconciliation of the account. If you're unsure of the amount that transaction contains, you can use the audit log feature to track down the deleted transaction and then take note of the details inside it. Here's how:

1. Go to Settings and then select the Audit Log.
2. Select Filter.
3. Use the fields on the Filter panel to choose the appropriate User, Date, or Events filter to narrow the results.
4. Select Apply.

Please be aware that you need to sign in as an admin to access the audit log feature. Refer to this article for more information about the audit log feature: Use the audit log in QuickBooks Online.

Once you've got the details inside that transactions, proceed to re-create it then do a manual reconciliation of the account. Visit this page for further guidelines: Reconcile an account in QuickBooks Online.

Additionally, I've got you this article to help you fix reconciliation in QBO: Fix issues the first time you reconcile an account in QuickBooks Online.

You can also check this article to learn more about the reconciliation workflow in QBO: Learn the reconcile workflow in QuickBooks.

Should you need further assistance with your reconciliation report? Or do you have any additional QuickBooks-related concerns? Know that you can always get back to me anytime, and I'll be more than happy to help you again. Thanks for choosing QuickBooks. Take care, and have a nice day!

My whole account is wrong, I want to reconcile my account from 01/01/22 until 10/31/22

Thanks for becoming part of the Community, davidsr.

If your beginning balance isn't correct, there's a number of things that can cause this:

• An incorrect opening balance was entered when creating it.
• Transactions were added which are older than the account's opening balance and its original opening balance entry was never edited to reflect the change.
• A user manually reconciled a transaction, causing it to not show up on your next reconciliation.
• Someone edited, deleted, moved, or unreconciled an already reconciled transaction. This changes your ending balance for the account's last reconciliation, which impacts your beginning balance next time you reconcile.

You'll want to start with reviewing the account's original opening balance and confirming its correct. Afterwards, you can check your bank statement.

Here's how:

1. In QuickBooks, go to Accounting, then Reconcile.
2. Review the account you selected in your Account drop-down list. Confirm you're reconciling the correct one for the correct month(s).

Next, if your account is connected to online banking, confirm all downloaded transactions have been matched and categorized before you begin reconciling. This will give your account its final correct beginning balance.

After confirming everything's been categorized and matched, you'll be ready to reconcile the account. In the event you encounter a 
"Your account isn't ready to reconcile yet." message before you begin reconciling, click your We can help you fix it option to open a discrepancy report.

Review it and use its details to decide if and how to make any necessary changes. Intuit recommends talking with whoever made the changes prior to editing them, since they may've been made intentionally.

Once you know you need to make corrections, review each transaction on your report one at a time:

1. Click a transaction's View option to see the history of changes to it.
2. Review your Change Type column. This will inform you what type of change was made.
3. Perform your edits based on the message displayed in their Change Type column. If necessary, you can refer to Intuit's list of change types to identify what each one means and what you'll need to do.
   

After reviewing everything on your discrepancy report, the Total Discrepancy Difference on it should be $0.00. Be sure to check your account's beginning balance again in QuickBooks. It should match the beginning balance shown on your bank statement. When you're ready to proceed with reconciling, select Resume reconciling.
 

I've also included a detailed resource about reconciling accounts which may come in handy moving forward: Reconcile an account

Please feel welcome to send a reply if there's any questions. Have a lovely day!