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Johnwrust
July 16, 2022
Question

How do I fix beginning balance when reconciling years after initial reconciliation?

  • July 16, 2022
  • 1 reply
  • 0 views

Hello there. I am bookkeeping for a fairly small franchise and ran into trouble whilst trying to reconcile their banks information with what is found in quickbooks online. It seems like another bookkeeper had reconciled the accounts about a year ago but there have been numerous changes since, including change in transactions already reconciled. The system tells me that the underlying transactions causing problems are ones reconciled in the register. I do not even know what that means to begin with. Further it advises to unreconcile these transactions to get to that magic $0. But when I did that, the beginning balance went from being over to what the system had now to being negative. So for instance before it would say the beginning balance was off say by $100000 now it says its -$100000, just for reference. The firm has their banks connected to quickbooks online as well, and it has been catching transactions and matching them at times. Can anyone please help with this and advise me on what steps I should take next?

1 reply

R
RoseJillB
July 16, 2022

I appreciate you providing in-depth details about your concern with the incorrect beginning balance in QuickBooks Online (QBO), @Johnwrust.

 

If there are reconciled transactions, the system will have a beginning balance. The reconciled entries will alter if you make any modifications, which will impact your opening balance. Due to the changes applied, you're seeing a negative amount in your register.

 

You have to undo the reconciliation to correct this. Then, to zero off the sum, go to your bank register and remove the R status from your transactions.

 

Here's how:

 

  1. From the left navigation pane, select the Accounting menu.
  2. Choose the Chart of Accounts tab.
  3. Find the account holding the transaction. Then select View register. 
  4. Select the transaction you want to unreconcile to expand the view.
  5. Review the check column. If the transaction is reconciled, you’ll see an “R.”
  6. Select the checkbox. This changes the letter in the box. Keep selecting it until the box is blank. This removes the transaction from the reconciliation.
  7. Select Save.
  8. Close the account register.

 

For a detailed process, you can browse this article: Undo or remove transactions from reconciliations in QuickBooks Online

 

In addition, I recommend you reach out to your accountant to ensure the accuracy of your reconciliation. This also helps us ensure that we’re not missing anything with your books.

 

On the other hand, I'd also suggest reading this important guide, which covers how to resolve problems with accounts that you've already reconciled in QuickBooks Online. This link offers detailed instructions for dealing with balance problems: Fix issues for accounts you've reconciled in the past in QuickBooks Online

 

Feel free to reach back if you have further questions about the beginning balance of your account. The Community always has your back. Stay safe!

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