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September 3, 2022
Question

How do I correct my beginning balance this month? I edited 2 transactions already reconciled in the past in order to recategorize them, now I'm off those amounts.

  • September 3, 2022
  • 1 reply
  • 0 views
I created a new sub-category to break out certain transactions, then reopened invoice, deleted item sold and rang in new item, then closed as previously done. Do I go back somehow to clear them within the right period?

1 reply

DivinaMercy_N
September 3, 2022

Hi there, @Richard S1. I'm here to ensure you'll be able to correct the beginning balance of your account. 

 

Thanks for sharing the details of your concern. I've got here additional troubleshooting steps to fix the issue. 

 

To start, let me first share a few reasons that cause beginning balance issue:

 

 

To resolve this, let's start by reviewing the original opening balance and make sure that it is correct.

 

Once done, ensure that you're reconciling the correct account for the correct month. Here's how:

 

  1. In your QuickBooks Online (QBO) account, go to the Bookkeeping or Accounting menu.
  2. Then, select Reconcile.
  3. From there, review the account you selected in the Account dropdown.

 

You also have to categorize and match all of the downloaded transactions of your account to get the correct beginning balance before start reconciling. 

 

Lastly, you'll have to review the discrepancy report to determine what corrections you need to do.

 

For reference, please check this article: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

Once everything is fine, you're now ready to reconcile your account: Learn the reconcile workflow in QuickBooks. 

 

Feel free to get back here in the Community for updates on how the steps work for you. I'd appreciate any details you can provide. If you have follow-up questions about fixing the beginning balance issue, don't hesitate to post a reply below. I'm always around and willing to lend a hand. Have a great day ahead.