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bfreeman
September 26, 2019
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If the bank balance is wrong, how can I fix it?

  • September 26, 2019
  • 1 reply
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My end of month balance is not reflecting on the preceding month starting balance. This is leading to incorrect bank reconciliation. When the bank expenses are filtered together, they are correct but tend to be wrong when filter on a monthly basis. 

    Best answer by VivienJ

    Welcome to the Community space, bfreeman.

    Let's get to the bottom of this and make sure you're able to correct the bank balance, then finish reconciling. 

    Are you seeing a zero amount starting balance when doing a reconciliation? If so, the inability to match the beginning balance in QuickBooks Online with your bank statement is called beginning balance discrepancy. 

    There are several different reasons why it occurs on your company file. You can check out the What causes a beginning balance discrepancy? section of this article to learn more about them:

    Why doesn't my QuickBooks Online beginning balance match my statement?

    To fix this, you need to perform a single reconcile using the ending balance of your last reconciled bank statement. Make sure not to enter any interests or fees prior to saving the data. 

    1. Go to the Gear icon, then Reconcile.
    2. From the Reconcile screen, verify that the beginning balance is zero ($0).
    3. Enter the Ending balance of the last reconciled bank statement.
    4. Click OK. 
    5. Once you see the list of transactions and balances to be reconciled, look at the difference and see if the number is zero. 
    6. If it is, choose Reconcile Now.
    7. If the difference is not zero, pick Unmark All and place a check in Hide transaction after the statement End date.
    8. Choose Mark All and use the reconciliation report from QuickBooks Online to remove the check from transactions that were not cleared as of the last reconcile.
    9. Click Reconcile Now.

    Here's an article with the detailed steps:

     

    My reconcile opening balance is wrong. How do I make it match my statement?

    That's it! You should now be able to correct the bank balance. 

    Don't hesitate to let me know if you have other concerns. I'll be around.

     

    1 reply

    V
    VivienJAnswer
    September 26, 2019

    Welcome to the Community space, bfreeman.

    Let's get to the bottom of this and make sure you're able to correct the bank balance, then finish reconciling. 

    Are you seeing a zero amount starting balance when doing a reconciliation? If so, the inability to match the beginning balance in QuickBooks Online with your bank statement is called beginning balance discrepancy. 

    There are several different reasons why it occurs on your company file. You can check out the What causes a beginning balance discrepancy? section of this article to learn more about them:

    Why doesn't my QuickBooks Online beginning balance match my statement?

    To fix this, you need to perform a single reconcile using the ending balance of your last reconciled bank statement. Make sure not to enter any interests or fees prior to saving the data. 

    1. Go to the Gear icon, then Reconcile.
    2. From the Reconcile screen, verify that the beginning balance is zero ($0).
    3. Enter the Ending balance of the last reconciled bank statement.
    4. Click OK. 
    5. Once you see the list of transactions and balances to be reconciled, look at the difference and see if the number is zero. 
    6. If it is, choose Reconcile Now.
    7. If the difference is not zero, pick Unmark All and place a check in Hide transaction after the statement End date.
    8. Choose Mark All and use the reconciliation report from QuickBooks Online to remove the check from transactions that were not cleared as of the last reconcile.
    9. Click Reconcile Now.

    Here's an article with the detailed steps:

     

    My reconcile opening balance is wrong. How do I make it match my statement?

    That's it! You should now be able to correct the bank balance. 

    Don't hesitate to let me know if you have other concerns. I'll be around.

     

    V
    Vantareg
    December 6, 2021

    What if my bank accounts were last reconciled in 2002? And I've just reconciled for this year 2021 and my balances are incorrect compared to my September 30, 2021 bank statement? What would be your recommendation to be able to reconcile all my bank accounts in quickbooks Desktop Pro? 

    G
    GlinetteC
    December 7, 2021

    It's good to have you here, Vantareg.

     

    I'm here to help ensure your concerns about reconciliation are taken care of. 

     

    In QuickBooks Desktop, you can do a lump sum reconciliation to reconcile past months of transactions that haven't been reconciled with your financial statements. The method to reconcile them is one year at a time. 

     

    You can check this article for detailed information about the process: Reconcile an account for multiple months or years of transactions and financial statements.

     

    Also, you can use this link if you encounter issues while reconciling the account: Fix issues when you're reconciling in QuickBooks Desktop.

     

    Keep me posted if you have additional questions while working with lump sum reconciliation. I'd be happy to help.

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