Learn how to review your beginning balance before you start reconciling.
Each time you reconcile an account, you have a beginning balance in QuickBooks. This is the amount in the account on the first day of the time period you're reviewing. Think of it as a checkpoint so you know you're starting with accurate numbers.
This beginning balance should match the beginning balance and date on your bank statements. If it doesn't match, don’t worry. QuickBooks will let you know if you need to change anything. Here's how to fix beginning balance issues so you can start reconciling.
|New to reconciling? Start with our reconcile guide.|
Step 1: Review the original opening balance
The opening balance is the starting point for an account. If it’s incorrect, it affects all of your reconciliations.
Make sure your opening balance is correct. Do this before checking your beginning balance.
Then move on to Step 2.
Step 2: Review any discrepancy reports
If someone makes a change that affects your beginning balance, you'll see a message when you start reconciling.
Follow the link to open your discrepancy report. Use it to decide if and how to make changes.
- Select We can help you fix it to open your discrepancy report.
- Review the discrepancy report. Before editing any of the transactions on it, talk with whoever made the changes - they may be intentional.
- Once you know you can make corrections, edit each transaction on the report one at a time.
- Select View to see the history of changes to the transaction.
- Review the Change Type column. This tells you what changed.
When you're ready to make edits, select the transaction to expand the view. Make edits based on the message in the Change Type column:
After you make changes, the Total Discrepancy Difference for the discrepancy report should be $0.00. Your beginning balance in QuickBooks should match the beginning balance on your bank statement.
SelectResume reconciling to continue reconciling.
Next steps: Start reconciling again
Once you know your beginning balance is correct, you can start reconciling again.
If you still have problems, review your ending balance.
If you’ve followed everything in our reconcile guide but still have questions, connect with your accountant. They can help get your reconciliations back on track.