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Intuit

Make an incorrect reconcile opening balance match the bank statement

Learn how to make an incorrect reconcile opening balance match the balance on the bank statement.

To ensure your books agree with your bank, the beginning balance of your account in QuickBooks Online must match the beginning balance on your statement before you begin reconciling an account.

To learn how QuickBooks Online determines the beginning balance for an account, see Why doesn't my QuickBooks Online beginning balance match my statement?

Fix an incorrect beginning balance

How you resolve an incorrect beginning balance depends on whether the account is new or has never been reconciled, or whether QuickBooks Online displays an alert o the Reconcile an account page.

Tip

To find out whether an account has been reconciled before, look under the Ending date field for the Last statement ending date. If there isn't one, this account hasn't been reconciled before.

The following sections provide different solutions for different circumstances. Follow the steps that best address your situation.

New or never reconciled account

If the account is new or has never been reconciled:

  1. Select the Gear icon on the Toolbar.

  2. Under Your Company, choose Account and Settings (or Company Settings).

  3. Locate the account in the Chart of Accounts.

  4. From the Action column, select View register (or Account history).

  5. Check the account's opening balance.

    • If it's incorrect, you'll need to edit it.
    • If there isn't one, you'll need to enter it.

Bank feed accounts

If the account is a bank feed account, check the register for downloaded transactions that cleared the bank before the statement's beginning date. You may need to delete those transactions to correct the beginning balance.

When you connect your bank, it automatically records a beginning balance based on the downloaded transactions (usually from the previous 90 days). If the account has any transactions before this time period, the automatically-recorded opening balance may not be the correct beginning balance.

Beginning balance alert appears on the Reconcile an account page

A Beginning balance alert appears on the Reconcile an account page when there is an issue with the beginning balance. The alert might indicate:

  • A transaction's amount or date needs to be edited
  • A transaction is unreconciled
  • A transaction was reconciled in error
  • A transaction was deleted

The action you take to resolve the Beginning balance discrepancy alert depends on the type of transaction.

To address a Beginning balance discrepancy alert:

  1. ​Select the link in the Beginning balance discrepancy alert to open the Discrepancy report.
  2. Locate the transactions the report identifies.
  3. Based on the change type for each transaction listed in the report, fix the transaction:
    • Needs to be edited: Make the necessary edits to the account or amount information.
    • Unreconciled: Change the status to reconciled (R) in the status (checkmark) column.
    • Reconciled in error: Change the reconciliation status back to cleared (C) or no status.
      If a transaction is marked as cleared (C) in the Register (or Account History), it will have a check mark on the Reconcile screen.
    • Deleted: Recreate the deleted transaction, locate it in the Register (or Account History), and select the status (checkmark) column until it is marked reconciled (R), then re-open the Reconcile page. If there is still a discrepancy alert, select the link and verify that the deleted transaction remains in the report but that the difference changed to reflect the amount of the recreated, reconciled transaction.
  4. Save the changes you made to any transaction.
    With every transaction you fix, the transaction disappears from the discrepancy report and the discrepancy difference gets closer to $0.00.
  5. Look for additional transactions to fix until the difference equals $0.00.
    When it gets to $0.00, your beginning balance in QuickBooks Online now matches your statement.
  6. Select Resume reconciling.

You can proceed with the reconciliation once all transaction discrepancies are resolved.

No alert appears on the Reconcile an account page

If no alert appears on the Reconcile an account page but your beginning balance does not match, check to make sure you're reconciling the right account for the right month.

This is an easy mistake to make, especially if you have multiple accounts with the same bank.

  1. Select the Gear icon on the Toolbar.

  2. Under Tools, select Reconcile.

  3. Carefully select the account you want to reconcile.
  4. Verify that the last Statement Ending date, listed below the Ending date field, is the day before the start date of the statement you're currently reconciling.
  5. Make sure the beginning balance is correct.

If you have the right account and month but the beginning balance still isn't correct and there's no alert, it's possible that this account has never been reconciled using the reconciliation tool in QuickBooks Online.

We recommend that you call your accountant or us to help you sort this out.

Beginning balance of zero on Reconcile an account page after import

If the Reconcile an account page displays a beginning balance of zero ($0) after you import to QuickBooks Online, you can resolve the issue by performing a single reconcile using the ending balance of the last reconciled bank statement (do not enter any interest or fees) and then saving the reconciliation.

To resolve the issue:

  1. Select the Gear icon on the Toolbar.

  2. Under Tools, select Reconcile.

  3. On the Reconcile an account screen, verify that the beginning balance is zero ($0).
  4. Enter the Ending balance of the last reconciled bank statement, but do not enter any interest or fees.
    You can find this balance in the Reconciliation report.
  5. Select Start reconciling.


    The list of transactions and balances to be reconciled appears.
  6. If the difference is zero, selectReconcile Now to complete the process.
    If the difference is not zero, select Unmark All and select Hide transaction after the statement end date, then select Mark All and clear the checkboxes of all of the transactions that were not listed as cleared as of the last reconciliation in the Reconciliation report.
  7. Select Reconcile Now to complete the reconciliation.

The beginning balance is updated.