why do i automatically get a discrepancy when I enter the opening balance?
why do i automatically get a discrepancy when I enter the opening balance?
Hi Bedford Gal:
I assume you are setting up the reconciliation for the first time. If this is the case you must understand that you are entering in the bank's opening balance not the general ledger's account opening balance. Usually there are outstanding items which your bank account has not taken into account compared to your general ledger balance which has all entries whether or not they are cleared from the bank. I hope this answers your question!
Thanks so much, very helpful
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