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Level 1

Bank reconciliation stuck on how to approach problem.

I am stuck trying to reconcile bank  it is so far out  not sure what to do .my real balance is $5500 ,at bank  closing balance is approx $44000,totally out ,when I try reconcile this account ,beginning balance is 56.00 odd ,what do I enter for ending balance ,as I cannot change this beginning balance,so when you reconcile do you use real time bank account figures if so ,how to.i deal with quickbooks balance of $44.000.
1 Comment 1
Level 8

Bank reconciliation stuck on how to approach problem.

Hi maags1950-gmail-,


If you have previously reconciled your bank account, the beginning balance of your current reconciliation is the ending balance from your last bank reconciliation. If the beginning balance is incorrect, you will have to undo the previous reconciliation as there might be changes made to the transactions after a reconciliation was processed. 


Here are a few things to remember when doing bank reconcliation:


  • Review the original opening balance
  • Check your bank statement
  • Find and categorise downloaded transactions
  • Review any discrepancy reports


Furthermore, I would recommend running your reconciliation report to verify the previous reconciliations made. Here's how:


  1. Go to Reports.
  2. Type Reconciliation Report in the Find report by name search bar.
  3. Select Reconciliation Reports.
  4. Select the Account for the reconciliation report you want to view.
  5. From the Report period drop-down arrow, choose the reconcile period.
  6. Select View Report.


You can check this article to learn more about: Fix issues with your beginning balance for accounts you've reconciled before.


Post again in the Community if you have further concern about your bank reconciliation. I'll be around to help you.