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islandlife727@gm
February 4, 2024
Question

Update the beginning balance to reconcile. It's wrong.

  • February 4, 2024
  • 2 replies
  • 0 views
QB won't let me enter the correct beginning balance.  The "wrong" beginning balance minus the reconcile difference off, is $720.29 which is the CORRECT BEGINNING BALANCE IT WON'T LET ME CHANGE TO.  Ugh.

2 replies

JaeAnnC
JaeAnnC
February 4, 2024

Thanks for reaching out to us, Islandlife. Let me guide you through updating your opening balance to correct your beginning balance issues in QuickBooks Online (QBO).

 

If you're reconciling an account for the first time and the beginning balance is off, don't worry. Issues like this are caused by an incorrect opening balance. To resolve this, we can double-check and update it in QBO. Here's how:

 

  1. Go to the Gear icon and select Chart of Accounts.
  2. Locate the account and click View Register.
  3. Find the Opening balance entry. To streamline the process, sort the Date column to show the oldest entries first.
  4. Click the Opening balance entry.
  5. Edit the amount under the Deposit column. If needed, click Edit to make your changes.
  6. Select Save.

 

I'll share this article for more information: Fix issues the first time you reconcile an account in QuickBooks Online.

 

However, if your opening balance is correct, refer to this link for added troubleshooting steps: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

Moreover, QBO automatically creates a reconciliation report every time you finish reconciling.

 

Keep me updated if you have further concerns about updating your opening balance in QBO. The Community is here to offer assistance. Stay safe.

I
islandlife727@gmAuthor
February 9, 2024

Did not work.  No "opening balance" entry.  Even did CTRL F to make sure I wasn't missing it.  Sigh.

    J
    Jelayca V
    February 9, 2024

    Allow me to help you troubleshoot the issue you are facing with your beginning balance, islandlife727.

     

    The opening balance is the starting balance when you start tracking transactions and can be done during account creation or can be entered at later time through Journal Entry (JE). While the beginning balance is the amount in the account at the beginning of the time period they're reviewing. This is also the ending balance of the previous month you reconciled.

     

    To fix this, you can review the original opening balance as the opening balance is the starting point for accounts in QuickBooks. If it’s incorrect, it affects all future reconciliations.

     

    Moreover, make sure you're reconciling the correct account for the correct month:

     

    1. Go to Transactions, then select Reconcile.
    2. Select the account that you want to reconcile from the Account dropdown.

     

    If you have multiple accounts at the same bank, or more than one account of the same type, make sure you're reconciling the right one.

     

    For more information and steps to fix this, you can refer to this article: Fix issues for accounts you've reconciled in the past in QuickBooks Online

     

    Furthermore, you can check out this article to learn how to review your beginning balance and look for issues for accounts you haven't reconciled before: Fix issues the first time you reconcile an account in QuickBooks Online

     

    Once the beginning balance is entered, you can start reconciling your account. 

     

    If you have any further questions about beginning balances in QBO, please do not hesitate to contact us anytime. The Community is always available to help you. 

    R
    rchiarchi
    December 3, 2024

    For those who are experiencing the same issue, here is the video that helped me to fix this issue:

    https://www.youtube.com/watch?v=Fg9V0gvZmC4

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