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kenny-goh-finque
September 27, 2022
Question

While doing bank reconciliation, QBO shows a beginning balance that cannot be found on my account ledger. Any one experience this bug before? How can I get around it?

  • September 27, 2022
  • 1 reply
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1 reply

M
mv32
September 27, 2022

Thanks for posting to the Community, @kenny-goh-finque.

 

I can share some information and directions about the beginning balance you see while doing bank reconciliation.

 

Normally, the beginning balance is the ending balance of your previous account reconciliation. If you're seeing this by mistake, you can compare your account statement and the ones in your bank register.

 

Once reviewed, you can uncheck the uncleared or pending transactions. These could be checks that are still uncashed or a customer payment that was already recorded in the system even if it’s not cleared in the bank. This way, it won't be included when you reconcile your account.

 

I'm adding this article for more detailed information in managing your income and expense transactions:

 

Additionally, I recommend consulting your accountant to guide you accurately in performing the reconciliation process.

 

Please comment if you have other questions about reconciling your account in QuickBooks. Anytime I can help. Keep well!

K
kenny-goh-finqueAuthor
September 27, 2022

Thanks for the swift response, Jovychris_A. 

My account is totally new with no prior transaction but when performing the bank reconciliation from day 1, I keep getting a beginning balance that throw my reconciliation off.

Is there a way to reset the bank reconciliation from day I to redo the entire process again?

 

Thanks again.

Kenny 

R
RoseJillB
September 27, 2022

Thank you for your prompt reply, kenny-goh.

 

Let me assist you further regarding your beginning balance throwing off your reconciliation in QuickBooks Online (QBO).

 

Incorrect opening balance can sometimes cause the issue aforementioned. To sort it out, we can check this as correcting it will fix the issue. To start with, you’ll want to Review the Opening Balance and Compare this to your real-life bank account.

 

Once done, review your account history. If you reconcile an account for the first time there should be one entry that is reconciled which is the Opening Balance Entry. If it is showing as reconciled (R) then we’re all set to begin the reconciliation. 

 

Verify this by following the steps below:

 

  1. Go to the Chart of Accounts.
  2. Look for the account on the list and select Account history to get more details.
  3. Find the Opening Balance Entry. It should have an Opening Balance in the memo column.
  4. Check the reconciliation status. If the transaction is reconciled, you’ll see an “R.”
  5. Next, check the rest of the transactions on the list. There should be C or blank box in the column. Otherwise, select the transaction to expand the view and keep clicking until the box is blank.
  6. Click Save.

 

You may also refer to this article for more information: Fix issues the first time you reconcile an account in QuickBooks Online

 

If you want to undo your entire reconciliation, you can let your accountant do that if you have one. However, if you prefer to do it by yourself, you can follow the steps below:

 

  1. Go to the Accounting menu. Then select Chart of Accounts.
  2. Find the account and select View register. 
  3. Review the check column. If the transaction is reconciled, you’ll see an “R.”
  4. Tick the box and keep clicking it until it's blank. It removes the transaction from the reconciliation.
  5. Select Save. Then close your register.

 

Once resolved, you can start reconciling your account again.

 

Feel free to reply in this thread if you have more concerns about reconciling your account. The Community always got you. Have a good one!

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