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Andy2024
November 17, 2024
Question

QBO starting balance for reconciliation is off from past months. Undid the past reconcilied months and starting balance is even farther of.

  • November 17, 2024
  • 1 reply
  • 0 views

The register completely matches the bank statements, even when I compare the starting/ending balance of a month. However, when I go to reconcile it says that the beginning balance is wildly off.  I kept undoing the reconciled months thinking that the beginning balance would get to the same number but the amount I'm off for my beginning balance only continues to grow.  I've now undid 12 months of reconciliations in an effort to find the month where the starting balance is off and still can't find it.  If I continue going farther back to undo more monthly reconciliations I will be into years that have already been submitted for taxes (and I can't mess with that).  This whole thing started as having a beginning balance off by +$3,000 and now I'm off by -$107K!

 

For additional context we were behind a few years in our books and when I picked up the books again I noticed that things that should've been labeled as transfers between our bank account and Paypal accounts (use both for the business) were showing as an expense in the account sending the transfer to Paypal.  I changed them to transfer and then went into Paypal and matched it.  I don't understand why this would throw off the books - the amounts are all identically its just changing from Expense to a Transfer between accounts. 

 

Going into the History by Account view of the reconciliation to see what line items have been updated has been of no help so I don't know to do.

 

Any suggestions?

1 reply

S
Shania_C
November 17, 2024

I recognize the effort you've put into ensuring that the register aligns with the bank statements, including all monthly balances, @Andy2024. Addressing discrepancies in the beginning balance during the reconciliation process requires careful attention. Your dedication to adjusting past reconciliations demonstrates a strong commitment to resolution. We are here to support you in finding a solution.

 

Initially, it's unusual for amounts to stay the same while being reclassified from Expense to Transfer between accounts in QuickBooks Online. To address this, begin by verifying transaction classifications. You need to ensure all transfers between your bank and PayPal accounts are accurately labeled as transfers in both accounts. Carefully review each transaction to ensure accuracy.

 

Furthermore, I suggest accessing your QBO account through other supported browsers or a private browsing window. This issue often arises from excessive cache buildup in your browser, which leads to unexpected behavior. Using a private window can enhance the program's performance by preventing interference from extensions, plugins, or cookies. Here's how you can do it:

 

  • Google Chrome: press Ctrl + Shift + N
  • Mozilla Firefox: press Ctrl + Shift + P
  • Microsoft Edge: press Ctrl + Shift + N
  • Safari: press Command + Shift + N

 

Once resolved, please return to your regular browser to clear its cache or utilize another supported one.

 

Additionally, check the audit log to see if QBO automatically updated the transactions. As audit log provides a comprehensive record of all transaction changes, showing who made each change and whether the system or a user initiated the update, thus helping to determine if the reclassification from Expense to Transfer was done automatically or manually. Let me guide you on how:

 

  1. Go to the gear icon and select Audit log.
  2. Choose Filter.
  3. Utilize the options in the Filter panel to select the relevant User, Date, or Events filter to refine the results.
  4. Click Apply.

 

 

 

If the issue persists, I recommend contacting our QuickBooks Support Team. They possess advanced tools to investigate the matter further and can include your case in ongoing investigations, ensuring you receive updates when a resolution is available.

 

Additionally, here's a guide on ensuring your QuickBooks accounts match your real-life bank statements: 

 

 

We value your peace of mind and are dedicated to offering the support needed to ensure the smooth management of your QuickBooks Online transactions. If you have any additional questions, please feel free to reach out. Your success is our top priority, @Andy2024.

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