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:

• Fix issues the first time you reconcile an account

• Fix issues for accounts you've reconciled in the past

• Fix issues at the end of a reconciliation

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.

Hi Klent,

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

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!

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

• Learn about the chart of accounts in QuickBooks
• AU QuickBooks Community

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

I have run my Reconciliation Report and have 4 Uncleared Deposit transactions.

My Bank Statement shows that I have received an amount from the same Customer -  1. $1162 which I have split for payment of 2 invoices $448 & $714 and the other is an amount of 2. $1624 which I split for payment of 2 invoices $252 & $1372.

My QB Balance is out by $2786 

When I look at the history the invoice amounts have no 'R'

How should I have processed the payment of invoices ?

I hope that makes sense.

Cheers

Robyne McNiece

Maroochy Sea Serpents

Hello, Robyne McNiece. 

Thanks for the details about the uncleared transactions. I'll guide you on how to handle them for your reconciliation. 

I take it that you've already processed the invoice payments to a bank deposit in QuickBooks (using the Bank deposit feature). In this case, we're on the right track in handling them. 

Since those amounts should be reconciled, then you'll want to do a manual reconciliation within the bank account's register. 

Simply go back to the account history again, then find and select the invoice amount. Then, click the check mark column until an "R" appears. 

When you're ready to reconcile the next statement, make sure the ending balance is correct.

If you're doing this correction in a closed accounting period, I would recommend consulting an accountant first before doing this. They'll help you with the corrections and ensure your books and balances are correct. 

Need to check on your business performance? Running a bunch of reports can help you see how well you're doing so far. Read this article if you need help: Run reports in QuickBooks Online.

You can reach out to me again if you have more questions about handling your invoice payments. I'll also help you manage other processes in QuickBooks.