Reconciliation discrepancies on closed books

Greetings, TW444.

Thanks for turning to the Community about your reconciliation concerns. Let’s fix the ending balance of your client’s records to fix the reconciliation discrepancies.

Before running any troubleshooting steps, allow me to share some of the reasons what causes the issue mentioned above:

• Someone entered an incorrect ending balance at the start of the reconciliation.
• There are missing or duplicate transactions in QuickBooks.
• Someone entered transactions into QuickBooks that haven't cleared your bank yet.

To start, review the opening balance in QuickBooks or the account you’re reconciling. Sometimes it doesn’t include entries that were still pending when the account was created.

Here’s how:

1. In your company, tap the Accounting menu on the left panel and choose Chart of Accounts.
2. On the Accounting page, look for the account you’re working on and click the Account history link to see the list of transactions.
3. Look for the opening balance amount. It should have Opening Balance Equity in the Payee Account column and Opening Balance in the Memo column.
4. Take note of the date and balance.

Now that we have the information handy, compare the opening balance with your real-life account. For detailed instructions, perform Step 2 in the following article: Fix issues the first time you reconcile an account in QuickBooks Online.

Next, check the beginning balance and make sure that it’s correct. Here’s a great resource that will guide you through the process:Fix issues at the end of a reconciliation in QuickBooks Online. Make sure to perform Steps 2-5 found in the article. Once done, you can start with fixing your client’s books.

Additionally, the links below provide detailed instructions on how to resolve any issues encountered when reconciling an account. You’ll also learn about the Month-end review tool. This utility will make your bookkeeping tasks easier.  

• Fix issues for accounts you've reconciled in the past in QuickBooks Online
• Undo a client’s reconciliation in QuickBooks Online Accountant
• Do month-end reviews to finish your clients' open tasks

Click the Reply button and add a comment if you have additional questions in keeping your client’s books in tiptop shape. I’ll be glad to help further. Have a great weekend.