Skip to main content

Get 50% OFF QuickBooks for 3 months*

Buy now
Switch to QuickBooks and 70% off for 3 Months
August 4, 2020
Question

Anyone having problem with reconciliation? Over last 3 months, 2 diff. accounts, beg. balance suddenly doesn't match. Previous recon fine, no discrepancies. System bug?

  • August 4, 2020
  • 1 reply
  • 2 views
No text available

1 reply

Moderator
August 4, 2020

Hi there, @IBCdm.

 

As of now, there is no similar reported issue with regards to incorrect beginning balance when reconciling an account in QuickBooks Online (QBO).

 

However, I can provide a few reasons for what's causing this problem in QuickBooks and how to fix it. 

 

  • Someone adds transactions that are older than the opening balance and doesn't edit the original entry to reflect the change.
  • When you connect your accounts, QuickBooks enters the opening balance for you. Missing or duplicate transactions may affect the opening balance.

 

To fix this, we can proceed to these steps:

 

First, let's make sure your opening balance is correct. If it’s incorrect, this might be the cause of the issue.

 

Once done, check your bank statement. This way, we can ensure that you're reconciling the right account for the right month.

 

  1. Go to the Accounting menu.
  2. Click Reconcile.
  3. Review the account you selected in the Account drop-down menu.
  4. If you have multiple accounts at the same bank, or more than one account of the same type in QuickBooks, make sure reconciling the right one.

 

In case, someone makes changes that affect your beginning balance, you'll see a message when you start reconciling. Follow the steps provided in this article to fix it. Just directly go to step no. 4 (Review any discrepancy reports) on it: How to fix beginning balance issues if you've reconciled the account in the past QBO.

 

Once you know your beginning balance is correct, you can start reconciling again

 

In addition, you can use this reconciliation workflow in reconciling your other accounts in the future. This will make sure that your real-life bank and credit card statements are properly matched.

 

I'm always here to help if you have any other concerns or questions. Just tag my name in the comment section and I'll get back to you as soon as I can.