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Constantinos Kourris
January 15, 2022
Question

While entering transactions before my first reconciliation I ended up with a discrepancy in the Beginning Balance. Now I cant fix it. Please help ?

  • January 15, 2022
  • 6 replies
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6 replies

MichelleBh
MichelleBh
January 15, 2022

I'll make sure that your QuickBooks balance will be corrected, Constantinos Kourris. I know how important it's to have a correct balance in our bank accounts. 

 

I have a way to correct the beginning balance in QuickBooks Online (QBO). And I'm happy to outline the detailed steps for you. 

 

To fix this, please follow the steps below: 

 

  1. In the Accounting tab, select Chart of Accounts. 
  2. Search your credit card account and click View registers in the Action column. 
  3. Locate the earliest deposit posted noted as Opening Balance. 
  4. Click to open the transaction and select Edit. 
  5. On the Bank Deposit window, change your opening balance amount based on the credit card statement.
  6. Hit Save when done. 

 

For more information, see this link: Edit an incorrect opening balance.

 

Once everything is good, you may now reconcile your account in QuickBooks. This way, your reports and books will stay accurate at all times. Also, you can always review your work by running the Reconciliation report.

 

Further, check out these articles below on how to fix some reconciliation issues and manage your chart of accounts: 

 

 

Remember that you can always ask me about any topics or other processes within QuickBooks. We're open 24/7 to assist you. Please stay healthy and safe, Constantinos Kourris.

Constantinos KourrisAuthor
January 15, 2022

Hello MichelleBh,

 

Thank you for your reply. 

 

My problem is that I ended up with a discrepancy between the account register balance and the 'beginning balance' given by the system when I try to do a reconciliation 

 

The register balance is correct and the same with my actual bank balance as the banks statement. 

 

The problem begins when I want to do a reconciliation 

 

Is there a way to change the 'beginning balance' in the reconciliation screen without affecting the account register ? 

 

Many thanks,

 

Constantinos Kourris

    AileneA
    January 15, 2022

    Hello, Constantinos Kourris. 

     

    Thank you for getting back to us and clarifying things out. Once you made changes in your beginning balance, it will also affect your account register.  Also, the reconciled amount is the amount that showed up on your bank statement. Amount is what’s in QuickBooks. 

     

    That said, you can review the list of transactions in the Reconciliation window to check any transactions in your bank statement that's not recorded in QuickBooks. Physically mark them and enter those that aren't on the list. Here's how:

     

    1. Go to the Sales menu.
    2. Search for transactions you see on your bank statement but not in QuickBooks.
    3. If you find any, select and open it.
    4. Check the Deposit to or Payment account. 
    5. Make sure it's in the correct account. 

     

    You can check these articles to learn more about keeping transactions and accounts accurate.
     

     

    For additional resources, while working with QuickBooks and reconciliation, you can open the topics from this link: Banking Articles for QuickBooks Online-International. 

     

    The Community is always around if you still need assistance, Constantinos Kourris. Stay safe!

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