Why is my QuickBooks Online beginning balance off, and why is the reconciliation discrepancy report showing nothing?

Quick answer

If the discrepancy report comes up empty when your beginning balance is off, the most common reason is that this is the first time you're reconciling this account, and the true cause is your opening balance rather than a changed transaction. The Reconcile Discrepancy Report only tracks changes to previously reconciled transactions, so it has nothing to show when the issue is the opening balance itself.

If this is your first time reconciling this account

Here's how to check and correct your opening balance:

1. Go to All apps, then Accounting, then Chart of accounts.
2. Find the account, then select View register.
3. Look for the opening balance entry. It shows Opening balance equity in the Account column. Note its date and balance.
4. Compare that balance to your bank or credit card statement for the same day.
5. If they match, the opening balance is fine, the issue is elsewhere (see below). If they don't match, select the opening balance entry to expand it, edit the amount in the Deposit column to match your statement, then select Save.

While you're in the register, it's worth double-checking that no other transaction besides the opening balance entry shows an R in the checkmark column, since only the opening balance should be reconciled before your first reconciliation. If another transaction shows R, select it, click the checkmark box until it's blank, then select Save.

Once the opening balance matches your bank records, the beginning balance on your reconciliation screen should update to match, and you can continue reconciling as usual.

If you've reconciled this account before

An empty discrepancy report can also mean the change causing your balance to be off isn't the kind of change that report tracks. Two things to check instead:

1. Deleted or voided transactions: go to Settings, then Audit log. Filter to the account and the period since your last completed reconciliation, and look for anything deleted or voided.
2. Transactions reconciled outside a normal reconciliation: go to All apps, then Accounting, then Chart of accounts, select View register for the account, then filter by reconcile status. Look for any transaction marked R dated after your last completed reconciliation, since that can throw off your beginning balance even though it won't appear in the discrepancy report.

Also make sure every transaction for the period is matched, categorized, posted, or excluded under Bank transactions before you try reconciling again, since anything left pending can also cause your beginning balance to be off.

Let us know whether this is your first reconciliation on this account or not, and we can point you to the right next step.