If your opening balance of the bank reconciliation is different from the opening balance on your bank statement in your previously reconciled account, you need to find the cause of the discrepancy. You mustn’t change the beginning balance; you need to find out why the beginning balances are different.
Some reasons that may cause a discrepancy:
You may have uncleared a transaction directly in the account register by mistake. If you do this, your beginning balance will be off by that amount. You’ll be able to see this in the Reconciliation Discrepancy report.
You’ve changed or deleted a previously cleared transaction that you have already reconciled. To fix this, you’ll need to undo the previous reconciliation, then reconcile again with the correct transactions.
What to do next
- If the software provides it (eg Quickbooks) you can find the discrepancy using the Reconciliation Discrepancy report.
- If you’re able to resolve the discrepancy, click Restart Reconciliation.
- If you think your discrepancy might be caused by a previous reconciliation, click Undo Last Reconciliation. Once this process completes, you will need to reconcile that particular statement again.