Incorrect Bank Starting Balance

bretondelayne · ‎December 09, 2019

Hey guys, fairly new to QB. I have a bank account that has an incorrect starting balance that is preventing me from reconciling. I have cleared all the transactions that match the actual bank statement. There are no incorrect transactions lingering. The closing balance on my bank statement is $695.73 and QB is saying my starting balance is $972.80, which is a difference of $277.07. This amount does not match any other transaction that I can see. Is there a way to correct the beginning balance? I have a feeling it was entered in error or a transaction was deleted at some point.

Note - We only use QB online.

TIA!

JamesM · ‎December 09, 2019

Hi Tia,

Welcome to the QB family! It's good to have new users like you post in the Community.

Don't worry, I got your back with this. I'll be happy to give you a hand with making sure that starting balance is correct.

QuickBooks Online makes it easy to edit an incorrect opening balance and I'll be happy to show you how.

Go to Settings , then select Chart of Accounts.
Locate the account, then go to the Action column and select Account history.
Find the opening balance entry. Tip: If you've got the Date column sorted from newest to oldest, the opening balance entry may be at the end of the list.
Select the opening balance entry.
Edit the amount. Tip: If you're not able to edit the amount directly on this screen, in some cases you can edit by selecting the Edit ✎ icon.
Select Save. Your change will not be saved if you navigate away from the register without saving.

If there isn't already an opening balance listed and you want to enter one, see How to enter an opening balance for an existing account.

If you're trying to edit an opening balance when reconciling an account in QuickBooks Online with your bank or credit card statement, see Fix issues the first time you reconcile an account in QuickBooks Online.

Give these steps a try and let me know how you make out. I'll be on standby in case you need anything else. Otherwise, enjoy the rest of your week.

View solution in original post

JamesM · ‎December 09, 2019

Hi Tia,

Welcome to the QB family! It's good to have new users like you post in the Community.

Don't worry, I got your back with this. I'll be happy to give you a hand with making sure that starting balance is correct.

QuickBooks Online makes it easy to edit an incorrect opening balance and I'll be happy to show you how.

Go to Settings , then select Chart of Accounts.
Locate the account, then go to the Action column and select Account history.
Find the opening balance entry. Tip: If you've got the Date column sorted from newest to oldest, the opening balance entry may be at the end of the list.
Select the opening balance entry.
Edit the amount. Tip: If you're not able to edit the amount directly on this screen, in some cases you can edit by selecting the Edit ✎ icon.
Select Save. Your change will not be saved if you navigate away from the register without saving.

If there isn't already an opening balance listed and you want to enter one, see How to enter an opening balance for an existing account.

If you're trying to edit an opening balance when reconciling an account in QuickBooks Online with your bank or credit card statement, see Fix issues the first time you reconcile an account in QuickBooks Online.

Give these steps a try and let me know how you make out. I'll be on standby in case you need anything else. Otherwise, enjoy the rest of your week.

sidwag123 · ‎October 12, 2020

I tried this but "Account History" was not listed as an option under the Action column. Can you please advise.

PatriciaT · ‎October 12, 2020

Hi sidwag123,

I want to make sure you're able to view the Account History option, so you can follow the necessary steps shared above to edit your incorrect beginning balance. If you're able to see the Action column in your chart of accounts but no blue link for Account History underneath, it could be due to a browser issue. Temporary internet files that accumulate in your browser can sometimes cause bugs in the software. To ensure your app or browser is running the program as designed, I recommend following the troubleshooting steps in this article: Clear cache and cookies to fix issues when using QuickBooks Online

You can also navigate in a private browser or use a different browser to eliminate any probability of a browser issue. Check out this article for compatible browsers to QuickBooks Online: System requirements for QuickBooks Online, Accountant, and QuickBooks Self-Employed

I hope this helps! Feel free to stop by if you have other questions.

emilymorgan210 · ‎December 25, 2020

I am having a similar problem, however my issue is that the client's bank only pulled 90 days of transactions (so only back to September 2020), and put in an opening balance equity of $18, 962.33 (the sum of all transactions prior to September 14). Now I am entering his transactions from January (the .QBO file nor the .CSV file will not import which is a separate issue).

So how do I fix this opening balance equity since I'll be entering the transactions myself? Can I just void the amount? Thank you.

LauraAB · ‎December 28, 2020

Hi emilymorgan210,

Thanks for taking a moment to explain the situation you're working with in QuickBooks Online. It sounds like you have a sharp eye for detail, and I appreciate wanting to make sure that opening balances are correct for the accounts in your client's account.

Since establishing a bank feed connection creates an opening balance for that account and you're entering transactions that are older than that balance, I know it can complicate the situation. Luckily, we've got an article right here in the QuickBooks Community that can walk you through how to handle this. Take a look at the Reconcile transactions that are older than your opening balance in QuickBooks Online, which explains how the opening balance works for bank feed connections and how to edit it if you'd like to.

Give that a read through and let me know if you have further questions. I'm here to help. :)

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