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REN9
Level 2

Reconciling balance not matching but deposit and withdrawal amounts correct

Hi, I'm new to QBO since January 2021. I'm trying to reconcile my Cheque Bank Account. My opening balance has been downloaded from my bank feeds. My deposit and payment amounts match my bank statement but my balance is wrong. My bank account is an overdraft amount but doesn't show up as a negative amount. I've checked all the transactions against my bank statement and they are correct so I think the error may lay with the opening balance.

As an example let's say my overdraft is $60 and I have used $40 of the overdraft leaving me with -$20 as opening balance on bank statement but it shows $40 as opening balance in quickbooks. The difference in reconciling is $38. Like I said before my deposits and withdrawals are all correct.

Hope that makes sense

Solved
Best answer March 15, 2021

Best Answers
REN9
Level 2

Reconciling balance not matching but deposit and withdrawal amounts correct

For those looking for a solution. I changed the ending balance to the credit available to the ending balance on the statement and I was able to reconcile.

View solution in original post

6 Comments
KlentB
QuickBooks Team

Reconciling balance not matching but deposit and withdrawal amounts correct

Thank you for choosing QuickBooks as your partner in growing your business, REN9.

 

I'll make sure that you can reconcile your accounts.

 

If you connect your bank and credit card accounts, the program will automatically download your past transactions up to a certain date. Then, totals them up and enters the opening balance and date for you.

 

Since your opening balance in QuickBooks didn't match your bank statement, you can open your bank register and correct the amount. I'll show you how:

 

  1. Select the Accounting from the top menu bar.
  2. Go to Chart of Accounts.
  3. Locate the account holding the transaction, then go to the Action column and click View register.
  4. Find the opening balance entry. This transaction is likely at the bottom or end of the list if you've got the Date column sorted from newest to oldest,
  5. Click the opening balance entry to expand the view.
  6. Edit the amount. If you're not able to edit the amount directly on this screen, you can click the Edit button.
  7. Click Save, then choose Yes to confirm the changes.

Once done, you can now start reconciling your accounts again. Additionally, here are some articles that you can read to help resolve common reconciliation errors and mistakes:

 

Drop me a comment below if you need more help in handling your bank accounts and transactions. The Community is always here to back you up.

REN9
Level 2

Reconciling balance not matching but deposit and withdrawal amounts correct

Hi Klent,

 

I can't change the opening balance to a negative amount, it says it has to be $0 or more!

ReymondO
QuickBooks Team

Reconciling balance not matching but deposit and withdrawal amounts correct

Thanks for getting back to this thread, @REN9.

 

Changing the amount in the Opening Balance Equity account to negative isn't allowed in the program. This is the reason why you're getting an error message "You must specify a transaction amount that is 0 or greater."

 

For more details, please check out this article: How the beginning balance is calculated.

 

Additionally, you can reach out to your accountant for further guidance on tracing the discrepancy in your account. If you don't have one, you can click this link here to find a pro advisor:https://quickbooks.intuit.com/find-an-accountant/

 

Let me know how else I can help you with QuickBooks by adding a comment below. I'm more than happy to lend a helping hand. Keep safe!

REN9
Level 2

Reconciling balance not matching but deposit and withdrawal amounts correct

I also forgot to mention that my bank balance matches my quickbook balance. Does this mean the opening balance is correct?

MichelleBh
QuickBooks Team

Reconciling balance not matching but deposit and withdrawal amounts correct

Thanks for the quick response, @REN9.

 

I'm here to help you confirm your opening balance in your QuickBooks Online (QBO).

 

Yes, your opening balance is correct. And there's no need to worry about your balances in QBO because you're in the right track. For more details, check out this article: Fix issues the first time you reconcile an account in QuickBooks Online. Directly go to Step 2

 

Since your QBO balance matches your real-life bank balances, then you're good to go in reconciling the account

 

After that, I'd suggest running the Reconciliation Report to review the beginning, ending balances, and other data. 

 

Here's how: 

 

  1. Go to Reports, then type the said report in the search bar.
  2. Select the Account for the reconciliation report you want to view.
  3. From the Report period drop-down arrow, choose the reconcile period.
  4. Tap View Report.

 

You can also print and export the report, so you can it outside QBO. For more information, visit this article: How do I view, print, or export a reconciliation report?

 

For your forthcoming guidance, please hit these pages below about the adding account number on your chart of accounts and other related topics. 

 

 

The Community and I will be around to help if you need anything else. Keep safe. 

REN9
Level 2

Reconciling balance not matching but deposit and withdrawal amounts correct

For those looking for a solution. I changed the ending balance to the credit available to the ending balance on the statement and I was able to reconcile.

View solution in original post