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Blparker45
January 8, 2023
Question

Reconciling & Beginning Balance Discrepancy

  • January 8, 2023
  • 2 replies
  • 0 views

When attempting to reconcile my checking's account the software states "Your beginning balance is off by -$25,167.68". It appears that I deleted transactions that were once reconciled. But once I go to the register, I can see the transaction in question with the correct: amount, date, description and all!  How should I go about correcting this problem? Each time I reconcile something it suggest or reenter a transaction, it sets me further away from 0.  Thank you for your time 

2 replies

J
JamesAndrewM
January 24, 2023

Welcome to the Community, Blparker45. 

 

I'd be happy to share with you some information about correcting the beginning balance that could help resolve your concern.

 

Most beginning balance issues are caused by an incorrect opening balance. This is the account's starting point, which you specified when you first created it in QuickBooks. Correcting the opening balance should also resolve your beginning balance issues. 

 

You'll want to check the account's opening balance again. The opening balance may not include transactions that were still pending when the account was created. 

 

You can proceed to these steps, after reviewing your opening balance:

 

  1. Go to Accounting, then select Chart of accounts.
  2. Find the account on the list.
  3. Choose View register.
  4. Search for the opening balance entry. It should have "Opening Balance Equity" in the Account column.
  5. Take note of the date and balance.

 

You may refer to this article for the detailed next steps and instructions: Fix issues the first time you reconcile an account in QuickBooks Online.

 

Feel free to check out this article for additional information: Reconcile an account in QuickBooks Online.

 

Please don't hesitate to reach out to us if you need further assistance. Have a good one!

A
AboveboardBookkeeping
December 8, 2023

I've been having the exact same problem. The discrepancy report is counting any transaction that was edited for any reason against the beginning balance. They say the amounts were changed, but when I check them individually, the only change was adding payees. 

 

Adjusting the opening balance entry isn't an option - that was several years ago.

 

I can't create an adjustment to zero it out because that's not correct either. Any thoughts?

 

There should be a way to approve a transaction as it is to take it off the discrepancy report and set the beginning balance back to the correct amount.

Rubielyn_J
Rubielyn_J
December 8, 2023

I understand the importance of ensuring that your records accurately reflect your financial situation, @AboveboardBookkeeping.

 

We can conduct a thorough review of your register to identify any potentially unreconciled transactions. By doing so, we aim to ascertain whether these unreconciled transactions are contributing to the discrepancy you've encountered.

 

Aside from that, we can also check your audit log to see if there are any deleted transactions. Here's how: 

 

  1. Navigate to Settings ⚙ and select Audit log.
  2. Select Filter.
  3. Use the fields on the Filter panel to choose the appropriate User, Date, or Events filter to narrow the results.
  4. Select Apply.

 

I'm also adding this link for more details: Fix issues for accounts you've reconciled in the past in QuickBooks Online. It covers steps for resolving issues for accounts that have been previously reconciled in QuickBooks Online.

 

Moreover, if you wish to unreconcile an individual transaction from a completed reconciliation, you can review this link for details: Undo or remove transactions from reconciliations in QuickBooks Online.

 

Feel free to get back here if you have further queries about handling your discrepancy report. I'll be around to help you all the way. 

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