Skip to main content
R
Rivera 12
January 6, 2024
Question

Reconcile

  • January 6, 2024
  • 1 reply
  • 0 views

Good morning everyone, I do have a question, that might seem very basic and straightforward, that I am over thinking a lot. I am trying to reconcile my business checking account but the beginning balance is incorrect. I understand that I can change that but there is also transactions that do not appear. Would I just add those transactions as well?

 

Also, there is an absurd negative ending balance. The way I would invoice the contractors I work with is I would just create a spread sheet detailing the work that is done and the charge. I want to begin using quickbooks as much as possible to stay organized for this year; 2024. I hope I can find some help from you all. Thank you in advance !

1 reply

A
AnneMariee
January 6, 2024

I'm happy to assist you in reconciling your accounts to ensure they match your real-life bank accounts, @Rivera11_2.

 

First, most beginning balance issues are caused by an incorrect opening balance. So, if you notice that your beginning balance is incorrect, you'll need to edit the opening balance. It's the account's starting point you set when you first set it up in QuickBooks.

 

Here's how to edit the opening balance:

 

  1. Click the Gear icon.
  2. Select Chart of Accounts under Your company.
  3. Locate the account. Then, click View register.
  4. Find the opening balance entry. To do so, you can sort the date column to show the oldest entries first.
  5. Select the opening balance entry. Then, make the necessary changes. If needed, click the Edit button.
  6. Select Save.

 

Furthermore, if some transactions do not appear in your bank register, you'll need to add or record them to QuickBooks. Make sure you've added, categorized, or matched your transactions in the For Review tab if you've connected your bank to QuickBooks. Also, while you're ensuring all your transactions are recorded, review your bank statement regularly to check if the transactions have been cleared. 

 

While you're checking and reviewing your accounts, you'll notice that the difference will decrease. Once you've reached a zero difference, you can click the Finish now button on the reconciliation page to reconcile the account.

 

I'll leave these helpful resources for more information on reconciling your accounts:

Once you've reconciled the account, you can save a reconciliation report to keep a record of the process. It will be a useful reference for future reconciliations as well.

 

If you have any other questions or concerns about reconciling your accounts in QuickBooks, please don't hesitate to leave a reply below.  I'm here to help you out further and ensure you're on the right track. Keep safe and take care.

Terms & ConditionsAccessibility statement