There would be no bumps in the road in a perfect world, and everything would work every time. Although we don’t live in an ideal world, you have lots of help here in the Community, and we love looking out for our customers!
Let’s take a look at beginning balance issues. When you’re reconciling an account for the first time, you have to have a good foundation so that your numbers balance out. If you see that your beginning balance is off, no need to fret. Here’s what you need to look at:
Review the opening balance in QuickBooks.
Select the Accounting menu, then select Chart of Accounts.
Find the account on the list.
Select View register.
Search for the opening balance entry. It should have "Opening Balance Equity" in the Account column.
Take note of the date and balance.
Compare the opening balance with your real bank account.
Sign in to your bank's website, or find your bank statement.
Check the account's balance for the same day as the opening balance in QuickBooks.
Compare the two balances.
If they match, awesome! If not, let’s do a quick edit to correct it:
In QuickBooks, go to Accounting >> Chart of Accounts and select the opening balance entry to expand the view.
In the Deposit column, edit the balance so it matches your bank records.
Now, if you don't see a nice zero after reconciling, there are a few things that could cause this:
Someone entered an incorrect ending balance at the start of the reconciliation.
There are missing or duplicate transactions in QuickBooks.
Someone entered transactions into QuickBooks that haven't cleared your bank yet.
With that being said, where to start? Since we’ve already looked at our beginning and ending balances, now you’ll want to break out that bank statement again. I know that I’ve mentioned this a few times but the information from your bank is always your guiding light through reconciliations. Here are some other things to check out:
Combine multiple transactions into a single transaction.
And there you have it, folks! A full look at what you might run into during reconciliation. I hope you feel empowered to get all your accounts reconciled so that your books are in order and ready for anything.