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darrahs-welding-
April 16, 2024
Question

My opening balance when reconciling, has changed. QB won't let me reconcile current month till it matches ballance last month. How do I find and correct problem?

  • April 16, 2024
  • 1 reply
  • 0 views
Opened up reconciliation page and my opening balance does not match ending balance  from previous month.  Does not match opening  balance from current month.

1 reply

R
ReymondO
April 16, 2024

Good day, Darrah.

 

I'm here to help fix the discrepancy in your account to continue your reconciliation in QuickBooks Online.

 

The Beginning Balance is incorrect due to one of the following reasons:

 

  • Other users entered an incorrect opening balance when the account was created in QuickBooks.
  • A person added transactions that were older than the opening balance but didn't edit the original opening balance entry to reflect the change.
  • Other user-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.
  • Somebody manually reconciled a transaction, so it didn't show up on the next reconciliation.

 

Please note that the opening balance is the starting point for accounts in QuickBooks. If it’s incorrect, it affects all future reconciliations. Let's ensure that your opening balance is correct before checking your beginning balance.

 

Let's also make sure that you're reconciling the correct account if you have multiple accounts at the same bank or more than one account of the same type. 

 

If you're connected to online banking, ensure that your downloaded transactions are already matched and categorized before reconciling.

 

If anyone has made changes that affect your beginning balance, you'll get a message before starting your reconciliation. Select the We can help you fix it link to open your discrepancy report. Review the report and use it to decide if you need to make necessary changes to correct your records.

 

Moreover, you can also review our reconciliation guide if you need guidance doing or fixing a reconciliation. I'd also suggest working with your accountant to help you get back on track.

 

For additional reference, please check out these resources:

 

 

Please know that I'm just a post away if you have any other questions about reconciling your accounts in QuickBooks. It'll always be my pleasure to help. Have a great day ahead.

E
Elaine Salazar
November 5, 2024

Good evening,

 

I need to change my beginning balance and don't know how

JoesemM
JoesemM
November 5, 2024

It's nice to see you here in the Community forum, Elaine. Changing the beginning balance can be tricky, but I have some helpful information that can guide us in resolving this issue.

 

As mentioned by my colleague ReymondO, let's review if the opening balance is correct  before checking your beginning balance. The beginning balance is incorrect due to one of the following reasons:

 

  • A person added transactions that were 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. Doing so changes the ending balance of your last reconciliation, which impacts the beginning balance of the next one.
  • Somebody manually reconciled a transaction, so won't show up on the next reconciliation.

 

To summarize the information shared by ReymondO, you can click this link: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

However, if you're reconciling an account for the first time and the beginning balance is off, let's correct your opening balance. Here's a step-by-step guide on how to change it:

 

  1. Go to the Gear icon, then select Chart of Accounts.
  2. Locate the bank account you've linked, then click View Register.
  3. Search for the opening balance entry. It should have "Opening Balance Equity" in the Account column.
  4. Take note of the date and balance.

 

Then, follow steps 2 and 3 in this article to compare your records with your bank statements and manually reconcile them: Fix issues the first time you reconcile an account in QuickBooks Online.

 

Once you're beginning balance is correct, you can start reconciling your account and print your reconciliation report. I'll add these helpful articles for future reference: 

 

 

If you have any further questions about reconciling accounts or any concerns with QuickBooks, please feel free to reply. I’m here to assist you and ensure everything is in order. Take care.

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