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bretondelayne
December 9, 2019
Solved

Incorrect Bank Starting Balance

  • December 9, 2019
  • 1 reply
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Hey guys, fairly new to QB. I have a bank account that has an incorrect starting balance that is preventing me from reconciling. I have cleared all the transactions that match the actual bank statement. There are no incorrect transactions lingering. The closing balance on my bank statement is $695.73 and QB is saying my starting balance is $972.80, which is a difference of $277.07. This amount does not match any other transaction that I can see. Is there a way to correct the beginning balance? I have a feeling it was entered in error or a transaction was deleted at some point. 

 

Note - We only use QB online.

 

TIA!

 

Best answer by JamesM

Hi Tia,

 

Welcome to the QB family! It's good to have new users like you post in the Community. 

 

Don't worry, I got your back with this. I'll be happy to give you a hand with making sure that starting balance is correct. 

 

QuickBooks Online makes it easy to edit an incorrect opening balance and I'll be happy to show you how. 

  1.     Go to Settings ⚙️, then select Chart of Accounts.
  2.     Locate the account, then go to the Action column and select Account history.
  3.     Find the opening balance entry. Tip: If you've got the Date column sorted from newest to oldest, the opening balance entry may be at the end of the list.
  4.     Select the opening balance entry.
  5.     Edit the amount. Tip: If you're not able to edit the amount directly on this screen, in some cases you can edit by selecting the Edit ✎ icon.
  6.     Select Save. Your change will not be saved if you navigate away from the register without saving.

If there isn't already an opening balance listed and you want to enter one, see How to enter an opening balance for an existing account.

 

If you're trying to edit an opening balance when reconciling an account in QuickBooks Online with your bank or credit card statement, see Fix issues the first time you reconcile an account in QuickBooks Online.

 

Give these steps a try and let me know how you make out. I'll be on standby in case you need anything else. Otherwise, enjoy the rest of your week. 🙂 

1 reply

J
JamesMAnswer
December 9, 2019

Hi Tia,

 

Welcome to the QB family! It's good to have new users like you post in the Community. 

 

Don't worry, I got your back with this. I'll be happy to give you a hand with making sure that starting balance is correct. 

 

QuickBooks Online makes it easy to edit an incorrect opening balance and I'll be happy to show you how. 

  1.     Go to Settings ⚙️, then select Chart of Accounts.
  2.     Locate the account, then go to the Action column and select Account history.
  3.     Find the opening balance entry. Tip: If you've got the Date column sorted from newest to oldest, the opening balance entry may be at the end of the list.
  4.     Select the opening balance entry.
  5.     Edit the amount. Tip: If you're not able to edit the amount directly on this screen, in some cases you can edit by selecting the Edit ✎ icon.
  6.     Select Save. Your change will not be saved if you navigate away from the register without saving.

If there isn't already an opening balance listed and you want to enter one, see How to enter an opening balance for an existing account.

 

If you're trying to edit an opening balance when reconciling an account in QuickBooks Online with your bank or credit card statement, see Fix issues the first time you reconcile an account in QuickBooks Online.

 

Give these steps a try and let me know how you make out. I'll be on standby in case you need anything else. Otherwise, enjoy the rest of your week. 🙂 

S
sidwag123
October 12, 2020

I tried this but "Account History" was not listed as an option under the Action column. Can you please advise. 

PatriciaT
PatriciaT
October 12, 2020

Hi sidwag123,

 

I want to make sure you're able to view the Account History option, so you can follow the necessary steps shared above to edit your incorrect beginning balance. If you're able to see the Action column in your chart of accounts but no blue link for Account History underneath, it could be due to a browser issue. Temporary internet files that accumulate in your browser can sometimes cause bugs in the software. To ensure your app or browser is running the program as designed, I recommend following the troubleshooting steps in this article: Clear cache and cookies to fix issues when using QuickBooks Online

 

You can also navigate in a private browser or use a different browser to eliminate any probability of a browser issue. Check out this article for compatible browsers to QuickBooks Online: System requirements for QuickBooks Online, Accountant, and QuickBooks Self-Employed

 

I hope this helps! Feel free to stop by if you have other questions.

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