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L
LazyEHoldings
November 25, 2022
Question

Opening reconciliation

  • November 25, 2022
  • 1 reply
  • 0 views

I entered the wrong opening balance for my first bank statement reconciliation. I thought I was on my second reconciliation and I was on my initial. So when I did my first reconciliation my beginning balance should have been $0.00 but I entered $4,963.24. 

How can I go back and reconcile from my first statement?

1 reply

M
Mich_S
November 25, 2022

I see you want to correct the opening balance and go back to reconcile your QuickBooks Online account, @LazyEHoldings. I'm here to ensure everything is in order.

 

There's nothing to worry about if the beginning balance is incorrect while reconciling an account for the first time. It's a most common cause of a wrong opening balance. This is the starting point you specified for the account when you initially set it up in QuickBooks.

 

We can fix the beginning balance issues by making sure the opening balance is accurate. Here's a list of things on what to do:

 

  1. Check the opening balance in QuickBooks.
  2. Compare the opening balance with your real-life account.
  3. Review your account register.

 

See this link for more information and for the detailed steps: Fix issues the first time you reconcile an account in QuickBooks Online.


I'm also adding these helpful resources that you can browse when managing opening balance and/or reconciliation.

 

 

Please let us know if you have other concerns about reconciliation or QuickBooks as a whole. We're here 24/7 to back you and your business. Have a good one!

L
LazyEHoldingsAuthor
November 26, 2022

Went through and followed the suggestions and I am still not getting the account to reconcile. I went through and changed all of the reconciled transactions back to "C". I also added the 0 starting balance to the account register but when I start to do a reconciliation it starts at 6/17 and I can't redo the reconciliation.

 

Here is more information. My account opened on 6/2. I inadvertently entered a starting balance of 4,372.05 for my statement ending 6/17/2022. I finished the reconciliation when it showed a difference of 4,372.05 and it made an adjusting entry to get it to zero. 

Once I discovered my error, I deleted the adjusting entry of 4,372.05. I then went back entered the 0 dollar opening balance. Now when I go to reconcile it reverts back to the 6/17/2022 statement start date with 4,372.05 out of balance.

 

How do I fix this?

R
Rasa-LilaM
November 26, 2022

I appreciate you providing more information about your concern, particularly the result, LazyEHoldings. This will help us determine the steps we'll have to perform to resolve your reconciliation issue.

 

Since the account is still out of balance, I recommend reaching out to an accountant or bookkeeper for further assistance. They can conduct a thorough investigation into why the amount reverts back to $4, 372.05. Then, walk you through the process of dealing with the situation, especially in implementing a permanent solution.

 

For more information on how to reconcile an account and troubleshoot reconciliation issues, see the following articles:

 

 

If you need more information on a specific accounting task or process, browse the Community self-help articles. There, you'll find topics and answers about payroll, taxes, cash flow management, banking, inventory, and other accounting-related activities.

 

If you have any further questions about reconciling your account or other product concerns, leave a comment below and tag my name. I'll get back to help you and make sure you're taken care of. Have a wonderful weekend and stay safe.

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