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Fix issues with your beginning balance for accounts you've reconciled before
by Intuit•2• Updated 3 weeks ago
The following instructions will guide you in resolving any problems with your beginning balance (the total amount in the account at the beginning of the period being reviewed) while reconciling your account for the second time or beyond.
What causes beginning balance issues?
- Someone entered an incorrect opening balance when they created the account in QuickBooks.
- Someone added transactions that are older than the opening balance, but didn't edit the original opening balance entry to reflect the change.
- Someone edited, deleted, moved, or unreconciled an already reconciled transaction. This changes the ending balance of your last reconciliation, which impacts the beginning balance of the next one.
- Someone manually reconciled a transaction, so it didn't show up on the next reconciliation.
Before you start
Consider if you've reconciled this account before.
- If not, here's how to fix issues the first time you reconcile an account.
- If you have, you’re in the right place and you can continue with the steps below.
- If you're entirely new to the process, you might want to start with our reconciliation guide.
Next steps
Once you know your beginning balance is correct, you can start reconciling your account.
If you’ve still got questions, your accountant will be able to steer you in the right direction. We can also help you find a ProAdvisor if you don't have one.
Have any other questions for our team? If any of your questions were left unanswered, we'd love to hear them! Pop over to our QuickBooks Community's discussion on bookkeeping processes where you can ask your questions, have them answered by qualified QuickBooks Online experts, and hopefully help others with the same questions out in the process. |
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