What action should you take if you find a discrepancy during reconciliation?

When you find a discrepancy during reconciliation, the most appropriate action is to review and correct any missing or incorrect transactions. Reconciliation is a process where you ensure that the transactions recorded in QuickBooks match those in your bank or financial statements. If there's a discrepancy, it indicates that something is off, which may lead to inaccurate financial records.

By taking the step to review and correct any transactions, you can identify errors such as duplication, missing entries, or incorrectly entered amounts. This process enhances the accuracy of your financial reporting and helps you maintain reliable bookkeeping practices. Ignoring discrepancies or proceeding with the reconciliation without adjustments would result in unresolved errors which could complicate future financial analyses. It's important to address these issues head-on to ensure that your financial data reflects your actual business situation.