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MrMiyagi
Level 1

Account not reconciling

My main bank account has feeds directly from the bank.

 

I have never had issues reconciling.

 

I am now off by a considerable amount, and when I go back and attempt to reconcile to a past date (did a print out of bank statement and QB transactions) where both QB and statement match, that also didn't work.

 

There are about 400 transactions in total in this account, I'm almost at the point of deleting it and completely starting again.

 

Any helps/tips/pointers on what I should do to fix this error?

5 Comments 5
MariaSoledadG
QuickBooks Team

Account not reconciling

Let's make sure to fix the error in your reconciliation, MrMiyagi.

 

May I know what is the exact error that you are getting? Once you reconcile an account, you compare transactions in QuickBooks with those on your bank statement. The difference between the ending balance in QuickBooks and your bank statement should be A$0.00. If the ending balances don't match, review the opening and beginning balance. Then, double-check the ending balance you entered if it's the correct amount. Here's how:
 

  1. While you're reconciling an account, in the Reconciliation window, select Edit info.
    Review the Ending balance and Ending date.
  2. Check your bank statement. Make edits as needed.
  3. When you're done, select Save.

 

This should let you reconcile now without any error. However, if there is still a difference, continue to Step 3 in this article: Fix Issues At The End Of A Reconciliation In QuickBooks Online. Also, after you look at your current cash flow and create a forecast, you can now focus on finding the best ways to manage cash flow. For more information on cash flow, check out this article for more details: Track Your Cash Flow In QuickBooks Online.

 

Please touch base with us if you have any questions about reconciliation. Remember, we're here to help you anytime.

MrMiyagi
Level 1

Account not reconciling

It appears my opening balance is off. It should be zero but is showing as a negative amount.

 

I can't see the opening balance entry in my list of transactions for that account, nor can I see it when I open "edit account". 

 

How can I change the opening balance to zero?

 

QBO is importing my data directly from bank feed.

Rea_M
Moderator

Account not reconciling

Hello there, @MrMiyagi. I appreciate your immediate response.

 

I'll make sure you can change and correct your opening balance to reconcile your account in QuickBooks Online (QBO). This way, you can keep your financial data accurate and updated.

 

The opening balance is the starting point for accounts in QuickBooks. Once it’s incorrect, it affects all your following reconciliations. 

 

All accounts in your Chart of Accounts (COA) have their opening balance entry. You'll have to locate it so you can correct its amount. Based on your description, it seems that you've got the Date column sorted from newest to oldest that's why you're unable to see it on the list.

 

You can sort the Date column from oldest to newest (arrow icon up) to find the opening balance entry. It should have "Opening Balance" in the Memo column. To do this, here's how:

 

  1. Go to Settings ⚙️, then select Chart of Accounts.
  2. Locate the account, then go to the Action column and select Account history.
  3. Click the arrow icon beside Date. Make sure it points up to sort the info from oldest to newest.
  4. Find the opening balance entry. It should have "Opening Balance" in the Memo column.

 

Once you've successfully found the opening balance entry, edit it by following these steps:

 

  1. On the Bank Account history page, find the opening balance entry. 
  2. Select the opening balance entry.
  3. Edit the amount. 
  4. Select Save

 

Now that your opening balance is fixed, you're ready to start reconciling. Please see this article for the step-by-step guide: Reconcile an account in QuickBooks Online.

 

Also, you may want to check out this article as your reference to help you in doing or fixing your future reconciliation in QBO: Learn the reconcile workflow in QuickBooks.

 

Please keep me posted on how it goes in the comments below. If you have other reconciliation concerns or questions about the opening balance entry in QBO, I'll gladly help. Take care, and I wish you continued success, @MrMiyagi.

MrMiyagi
Level 1

Account not reconciling

I have tried that, still can not see opening balance entry? See attached screenshot.

Charies_M
Moderator

Account not reconciling

Thanks for keeping in touch with us, MrMiyagi.

 

The steps shared by Rea_M normally resolve issues correcting your opening balance. Since it didn't work for you, I suggest contacting our QuickBooks Care Team. This requires a through investigation from our QuickBooks Care Team. They can take a closer look at this issue in order to identify the cause and possible solution for this.

 

Here's how:

 

  1. Click the (?) Help icon and enter Talk to a human (then type it again when prompted).
  2. When asked by the bot, enter "OCBC Bank".
  3. Select I still need a human, then proceed with Contact us or Get help from a human.
  4. Choose a way to connect with them.

Also, you may want to check out this article as your reference to help you in doing or fixing your future reconciliation in QBO: 

You might also want to visit our QuickBooks Online learning guides for tutorials and webinars about the product.

 

Drop me a reply if you have other questions. I'm always happy to assist you further. Have a great day ahead.
 

Looking forward to know that this issue is resolved. Get back to me if you have other concerns about reconciliation and I'm always here to assist.