Final answer:
If the Beginning Balance in your reconciliation window doesn't match your bank statement, start by verifying the Ending Balance from your last reconciliation. Look for uncleared checks or deposits and examine your transaction history for discrepancies. Then, adjust your records accordingly to ensure that the final balance number matches the current account balance.
Step-by-step explanation:
If the Beginning Balance on your bank statement doesn't match the Beginning Balance field in the Begin Reconciliation window, the first step you should take is to verify the Ending Balance from your last bank reconciliation. This ensures that no discrepancies occurred between the last reconciliation and the current statement period. If the balances match, the next step is to look for any uncleared checks or deposits that haven’t been recorded in the books but are reflected on the statement. In case the Ending Balance is correct, examine your transaction history for any unrecorded transactions, errors, or adjustments that could explain the discrepancy. Reconciling involves matching up the transactions on your bank statement with those in your accounting records, and if the beginning balances are different, it can indicate an issue that needs to be resolved before proceeding. It is crucial to resolve these discrepancies to maintain accurate financial records.
Once the differences are identified, appropriate adjustments should be made to reflect the true balance. This might involve adding missing transactions or correcting inaccuracies. After making adjustments, you should sum up your columns for Exports, Imports, and Balance to ensure that the final balance number matches the current account balance reported by the bank.