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February 25, 2023
Question

My beginning balance is different from the ending reconciled balance of last month.

  • February 25, 2023
  • 1 reply
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1 reply

DivinaMercy_N
February 25, 2023

Hi there, @winegirl. I'm here to help you fix the beginning balance so you can reconcile your account in QuickBooks Online (QBO) seamlessly. 

 

Before we begin, let me share the factors that cause beginning balance issues:

 

  • Someone entered an incorrect opening balance when they created the account in QuickBooks.
  • Someone added transactions that are older than the opening balance but didn't edit the original opening balance entry to reflect the change.
  • Someone edited, deleted, moved, or unreconciled an already reconciled transaction. This changes the ending balance of your last reconciliation, which impacts the beginning balance of the next one.
  • Someone manually reconciled a transaction, so it didn't show up on the next reconciliation.

 

To fix the beginning balance, let's check your opening balance and ensure this is correct. Once done, let's also verify that you're reconciling the correct account. If this is connected to online banking, make sure that you match and categorize all the transactions before performing the process. 

 

After that, we can now review your Discrepancy report to check what changes are needed to resolve the balance. Here's how:

 

  1. On the Reconciliation page, select the We can help you fix it link to open the discrepancy report. 
  2. From there, review the discrepancy report. Use it to decide if and how to make changes.
  3. Before editing anything, talk with whoever made the changes - they may be intentional.

 

Once ready, proceed to Step 4 of this article to fix the difference: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

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

 

Once done, you can now reconcile your account. 

 

I'm always here ready to lend a hand if you have any other concerns reconciling your account in QBO. Stay safe and have a good one.