Let's perform some troubleshooting steps to rectify the beginning balance issue in QuickBooks Online (QBO) after making changes post-reconciliation, Diane149.
Before anything else, here are the possible reasons that causes the beginning balance issues in the program:
- 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.
- Furthermore, there have been instances where previously reconciled transactions were edited, deleted, relocated, or unreconciled, which altered the concluding balance of the last reconciliation and affected the starting balance of the subsequent one.
- Also, there were instances where transactions were reconciled manually, resulting in them not appearing in the upcoming reconciliation.
To better isolate this issue, we can review the changed transaction by running a report. Here's how:
- Go to Reports (Take me there).
- Type Reconciliation Report in the Find report by name search bar.
- Choose Reconciliation Reports.
- Choose the report for the period you initially reconciled (31.12.24).
- Compare the closing balance to your current bank statement and identify any discrepancies. Look for any changed or deleted transactions.
You can check out this article for more details about running the reconciliation report: View, print, or export a reconciliation report in QuickBooks Online.
Once done, review the original opening balance and make sure your opening balance is correct before checking your beginning balance. Then ensure you're reconciling the correct account for the correct month. Here's how:
- Go to Transactions and select Reconcile (Take me there).
- Select the account that you want to reconcile from the Account ▼ dropdown.
- If you have multiple accounts at the same bank or more than one account of the same type, make sure you're reconciling the right one.
Then, proceed to Step 3 until the last step in this article to finish the process: Fix issues for accounts you've reconciled in the past in QuickBooks Online.
Once you know your beginning balance is correct, you can start reconciling. Moreover, you can refer to these articles to learn more about the reconciliation process in the program:
The QuickBooks Community team is committed to supporting your business success. If you have further questions about reconciling your account or any QuickBooks-related concerns, revisit this thread. We're always here to assist you in achieving your financial goals, Diane149.
