Learn how to update an opening balance to match a bank statement
Are the beginning balances for your QuickBooks Online account and bank statement mismatched? If so, you need to resolve these before you can reconcile your accounts.
Depending on the situation there's a variety of resolutions. We explain them in the sections below.
(For more information on beginning balances: see Why doesn't my QuickBooks Online beginning balance match my statement?)
If you have a new, never reconciled or bank feed account, check the beginning balance. (Not sure if the account has been reconciled? Look under the Ending date field for the Last statement ending date. If there isn't one, this account hasn't been reconciled before.)
First, check the register for downloaded transactions that cleared the bank before the statement's start date. Delete these 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.
You'll see a beginning balance alert when:
You can't proceed with the reconciliation until all the transaction discrepancies are resolved. To update the transactions follow these steps.
If you don't receive an alert, yet your beginning balance still doesn't 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.
Are you still not seeing an alert and your beginning balance is wrong? It's possible that the account has never been reconciled using the reconciliation tool. Call your accountant or us to help you sort this out.
After importing to QuickBooks Online, the Reconcile an account page shows a beginning balance of zero.
Does the Reconcile an account page display a beginning balance of zero ($0)? You can resolve the issue by performing a single reconcile. Use the ending balance of the last reconciled bank statement, and then save the reconciliation. Don't enter any interest or fees.
Update the beginning balance by following these steps.
Select Start reconciling.The list of transactions and balances to be reconciled appears.