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gmeco
June 30, 2022
Question

Problem reconciling CC account

  • June 30, 2022
  • 1 reply
  • 0 views

Hello,

 

I recently imported information from my old desktop QB to QBO. I have an issue with the opening balance of the CC account. The CC account was opened in June 2018 and the very first transaction made was June 4, 2018. However, it shows a large negative balance that supposedly exists before this date. I tried adding an opening balance entry for $0.00 but it didn't change anything. I'm not sure what the problem is. I have attached pictures.

 

 

1 reply

G
gmecoAuthor
June 30, 2022

G
gmecoAuthor
June 30, 2022

 

When reconciling the very first bank statement it says the beginning balance is $7510.11 despite there being no transactions before this first bank statement. I don't know where this amount is coming from or how to fix it.

Rose-A
Rose-A
June 30, 2022

I appreciate the screenshot you've provided, gmeco. Let's get this sorted out.

 

If you're reconciling for the first time, you have the option to edit or enter the correct opening balance to your account. For detailed instructions, you can follow the outlined steps below.

 

  1. Click Accounting in the left panel, and choose Chart of Accounts.
  2. Find the account and select View register from the Action column (see the sample screenshots).
  3. Search your register for an opening balance. It should have Opening Balance Equity in the Payee/Account column and Opening Balance in the Memo column.
  4. You can enter and change the opening balance from there.

 

You can refer to this article for other recommended steps (proceed to Step 2 and 3): What to do if you didn't enter an opening balance in QuickBooks Online.

 

However, if you've already reconciled previous transactions, You can refer to the following article: Fix issues for accounts you've reconciled in the past in QuickBooks Online. This will provide you with steps on how to deal with reconciliation discrepancies in QuickBooks Online.


I'll be adding a write-up to help you accomplish a successful reconciliation. On the same link, you'll find an article related to reconciliation adjustment: Learn the reconcile workflow in QuickBooks.

 

I want to make sure I've got you covered, so please let me know if there's anything else I can help you with. Have a great rest of your day!

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