Final answer:
The Beginning Balance field in the Begin Reconciliation window of QuickBooks is auto-calculated and cannot be manually altered. It represents the total of all previously cleared transactions and discrepancies must be resolved by reviewing past reconciliations and transaction registers.
Step-by-step explanation:
The Beginning Balance field in the Begin Reconciliation window is calculated by QuickBooks (QBs) and cannot be entered manually. When reconciling an account, QuickBooks uses the sum of all previously cleared transactions as the Beginning Balance. If there is a discrepancy between your bank statement and what QuickBooks calculates, it usually indicates that previous reconciliations have been altered, or there are transactions that were incorrectly cleared or uncleared in the past.
To resolve such discrepancies, you should review your past reconciliations and transaction registers to identify any issues. Once corrections are made, QuickBooks will automatically adjust the Beginning Balance to reflect the accurate total of cleared transactions.