cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Intuit

My reconcile opening balance is wrong. How do I make it match my 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 start reconciling an account.

See Why doesn't my QuickBooks Online beginning balance match my statement? to learn how QuickBooks Online determines the beginning balance of an account.

Fix an incorrect beginning balance

Follow the scenario that best matches your situation.

Tip: To find out whether an account has been reconciled before, look under the Ending date field for a blue link that tells you the last statement ending date. If there isn't one, this account hasn't been reconciled before.

An account is new (or has never been reconciled)

  1. Select the Gear icon at the top.
  2. Under Your Company (or Settings), choose Chart of Accounts.
  3. Find the account and select View Register.
  4. Check the account's opening balance.
    • If it's incorrect, you may need to edit it.
    • If there isn't one, you may need to enter it.
  5. If the account is a bank feed account, look for downloaded transactions that cleared the bank before the statement's beginning date. You may need to delete those.

Note: When you connect your bank, it automatically records a beginning balance based on how far back you downloaded transactions (usually 90 days back). If the account has any transactions prior to this time period, this automatically recorded opening balance may not be the correct beginning balance.

QuickBooks Online shows an alert on the Reconcile an account page

  1. ​Select the link in the beginning balance discrepancy alert.
  2. Follow the steps below based on the change type for each transaction listed in the discrepancy report
    • Fix a changed transaction (account or amount)
      1. Select the transaction and make your edits.
      2. Save your changes. As you edit and save each transaction:
    • Fix an unreconciled transaction
      1. Select the transaction.
      2. Change the reconciliation status back to reconciled (R).
      3. Save your change.
    • Fix a deleted transaction
      1. Make a note of the amount of the total discrepancy difference at the upper right.
      2. Close the discrepancy report.
      3. Recreate the deleted transaction in the register (or account history). Learn how to create a transaction.
      4. Find the recreated transaction in the register (or account history)and select its reconciliation status until it shows R for reconciled.
      5. Select the Gear icon at the top. Under Tools, choose Reconcile.
      6. If there's still a discrepancy alert, select the link to go back into the discrepancy report. The deleted transaction remains in the discrepancy report but the difference at the top changes to reflect the amount of this recreated, reconciled transaction.
      7. See if the amount of the total discrepancy difference got smaller. If it did, you're on the right track!
      8. Look for additional transactions to fix until the difference equals $0.00. You'll see a message when you're successful.
    • Fix transactions that were reconciled in the Register (or Account History) by mistake
      1. Select the transaction.
      2. Change the reconciliation status back to cleared (C) or no status.
      3. Save your change.
      4. Tip: If a transaction is marked as cleared (C) in the register (or account history), it will have a check mark on the reconciliation screen.
  3. With every transaction you fix, the transaction disappears from the discrepancy report and discrepancy difference at the upper right gets closer to $0.00.
  4. When it gets to $0.00, your beginning balance in QuickBooks Online now matches your statement.
  5. Select Resume reconciling.

QuickBooks Online doesn't show an alert on the Reconcile an account page

Check to make sure you're reconciling the right account for the right month. This is easy to miss, especially if you have multiple accounts with the same bank.

  1. Select the Gear icon at the top. Under Tools, choose Reconcile.
  2. Carefully select the account you want to reconcile.
  3. In QuickBooks Online, look below the Ending date field for the Last statement ending date. It should be the day before the start date of the statement you're reconciling.
  4. Make sure the beginning balance is correct too. If you have the right account and month but the beginning balance isn't correct, try the next steps.

Note: If you're reconciling the right month and the beginning balance is wrong 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.

After exporting from or importing to QuickBooks Online, the Reconcile an account page shows a beginning balance of zero ($0)

The solution is to perform a single reconcile using the ending balance of the last reconciled bank statement. Don't enter any interest or fees, and then save the reconcile.

  1. Select the Gear icon at the top. Under Tools, choose Reconcile. On the reconcile screen, verify that the beginning balance is zero ($0).
  2. Enter the ending balance of the last reconciled bank statement. (You can get the balance by looking at the reconcile report in QuickBooks Online.) Don't enter any other interest or fees.
  3. Select OK. You will now see the list of transactions and balances to be reconciled. Look at the difference and see if the number is zero.
    • If the number is zero, select Reconcile Now to complete the process.
    • If the difference is not zero, select Unmark All and place a check in Hide transaction after the statement end date. Select Mark All and use the reconciliation report from QuickBooks Online to remove the check from transactions that were not cleared as of the last reconcile.
  4. Select Reconcile Now to complete the process.