Greetings. I'm here to lend a hand with altering your beginning balance in QuickBooks Online to match your bank balance.
If you're reconciling an account for the first time, you can correct the opening balance or the account's starting point you set when you first created it in QuickBooks. Then, review a couple of things so you can start with the reconciliation. Here's how:
- Double-check the opening balance in QBO.
- Compare the opening balance with your real-life account.
- Review your account history.
See this guide for the detailed steps: Fix issues the first time you reconcile an account in QuickBooks Online.
On the other hand, if you've already reconciled the account, and difference between the ending balance in QuickBooks and your bank statement isn't A$0.00. Follow this resolution:
- Review your opening and beginning balance.
- Check the ending balance you entered.
- Combine multiple transactions into a single transaction.
- Eliminate transactions you know are correct.
- Enter transactions that aren't in QuickBooks.
- Remove transactions that aren't on your bank statement.
- Double-check transactions that are slightly off.
Read this for the detailed process: Fix issues at the end of a reconciliation in QuickBooks Online.
For future reference, check out these useful guides on what you need to take to close out the financial year for your business:
Please don't hesitate to reach out to me here should you need any additional assistance about banking or QuickBooks in general. The Community seeks to serve you.
