How to fix Bank Reconciliation Discrepancies, Beginning balance is off in QuickBooks

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Are you trying to reconcile your bank account and your “beginning bank statement balance” doesn’t match?

Let me show you the proper way to fix bank reconciliation discrepancies in QuickBooks. 🥳
In this video, learn how to fix Bank Reconciliation Discrepancies, Beginning balance is off in QuickBooks.

➡️ Steps to fixing bank reconciliation discrepancies:

➡️ Reconciliation:

Go to “Reconcile”
“Begin Reconciliation” pop up screen will show
“Account”
“Statement Date”
“Beginning Balance” should match your bank statement
Click “Locate Discrepancies”
Click “Discrepancy Report”
“Ending Balance”
Click “Continue”
Past Transaction” screen will show
Click ”Yes”
Check details
Checkmark the rest of the transactions in your statement
Difference should always be Zero
Click “Reconcile Now”

➡️ If you need to void a check:

Go to “Check Register”
“Use Register” pop up screen
“Select Account”
Click “OK”
Select the check you want to remove
Then go up to “Edit”
“Void Check”
Click “Record”
“Transaction Reconciled” pop up screen will show
Click “Yes”
“Past Transactions” screen
Click “Yes”
**Check Back to Reconciliation if beginning balance is fixed

➡️ Re-entering transaction:

Go to “Write Checks”
“Date”
“Pay to order of”
If “Open Bills Exist” screen show
Click “Continue Writing Check”
Under “Expenses Tab”, enter “Account”
“Amount”
Click “Save & Close”

➡️ To keep you from having previous year problems:

Go up to “Company”
“Set Closing Date…”
“Accounting”
Under “Company Preference”, “Set/Date Password”
Click “OK”

Timestamps:

0:00 – Intro
0:11 – Bank Reconciliation discrepancy in QuickBooks
2:06 – Locate Discrepancies (Discrepancy report)
5:00 – Things you can do to prevent discrepancy
6:26 – Final Thoughts

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