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!