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February 13, 2024
Question

I changed the name on a reconciled item as I found the cheque after reconciling. Now my opening balance is off.

  • February 13, 2024
  • 1 reply
  • 0 views
The invoice for the item was made to a different name than the cheque. I changed the name on the invoice, which then changed the name on the cheque. I had to remove a previous cheque payment to the wrong supplier. How do I rectify this?

1 reply

February 13, 2024

Hi elizabeth-sanche,

 

Thanks for reaching out in the Community! Reconciliation is a beneficial process that helps you keep track of your balances and I'm glad you're using QuickBooks to help streamline this process. The program is designed to help you save time so you can do the things that you enjoy the most. I'd be happy to provide some information to help you adjust the opening balance for your account. 

 

Here are the steps to modify your opening balance:

  • Go to Settings and select Chart of accounts.
  • Locate the account and select Account history.
  • Find the opening balance entry. Tip: Sort the date column to show the oldest entries first. 
  • Select the opening balance entry.
  • Select Edit to make your changes to the date and/or amount. 
  • Select Save.

 

QuickBooks Online also provides a discrepancy report that helps you identify and fix beginning balance discrepancies. Here’s how:

  • Click the Gear Icon (Settings).
  • Select Reconcile.
  • Look for the “beginning balance discrepancy” alert.
  • Click the link provided to access the discrepancy report.
  • Review each transaction listed in the report and make changes.

 

In addition, here are some helpful articles:

Learn the reconcile workflow in QuickBooks

Fix Opening Balances in QuickBooks

Enter an adjusting entry for a reconciliation in QuickBooks Online

If the discrepancy persists or if you encounter challenges, consider reaching out to a QuickBooks ProAdvisor.

 

Feel free to reply if you have any other questions, I'm here to help.