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romerodebbie
Level 1

My beginning and ending bank balnces are correct. However, my reports beginning balance is off the initial balance that I started with in Jan 2019.

 
3 Comments
Rasa-LilaM
QuickBooks Team

My beginning and ending bank balnces are correct. However, my reports beginning balance is off the initial balance that I started with in Jan 2019.

Hello there, romerodebbie.

 

Welcome to the Community. I can help identify why the initial balance is off even if the beginning and ending bank balances are correct.  

 

The amount won’t match when reconciled transactions were modified, deleted, or voided. Aside from that, data damage or a converted file (different version of QBDT) also affects the information displayed on the report.

 

Let’s run the Reconciliation Discrepancy Report to identify which entries causing the discrepancy. The report can help when QuickBooks and your bank statement show different beginning balances.

 

Here’s how:

 

  1. Go to the Reports menu and choose Banking to pick the Reconciliation Discrepancy option.
  2. From the Specific Account drop-down, select the bank you’re working on and then hit OK.

This will display a list of transactions that were changed since the last reconciliation. Once you find the entry, take note of the date and the Entered/Last Modified.

 

This information will tell you when the change occurred. Once you have all the information, undo the previous reconciliation.

 

I suggest creating a backup of the company file to prevent data loss. After saving a copy, you can now start unreconciling the account.

 

  1. Go to the Banking menu to select Reconcile.
  2. When the Begin Reconciliation window shows up, scroll down to choose the Undo Last Reconciliation button.
    undo qbdt.png
  3. Another pop-up window will open informing about the process.
  4. Choose Continue and then OK.
  5. Then, you can start reconciling the account.

If you’re unable to find any discrepancy, let’s run the rebuild tool after creating a backup of the company file to resolves data integrity issues. Verifying the file identifies the most commonly occurring data issues.

 

Check out the Fix data damage on your QuickBooks Desktop company file guide for detailed instructions. It also outlines the steps on how to repair the company file using the File Doctor Tool.

 

Also, the Fix beginning balance issues in QuickBooks Desktop article provides a list of reports that helps in resolving reconciliation discrepancies as well as steps to fix them.

 

Keep in touch if you have any other concerns or questions. I’ll pop right back in to answer them for you. Have a good one.

romerodebbie
Level 1

My beginning and ending bank balnces are correct. However, my reports beginning balance is off the initial balance that I started with in Jan 2019.

Descrpensies Report is not showing anything.

ReymondO
QuickBooks Team

My beginning and ending bank balnces are correct. However, my reports beginning balance is off the initial balance that I started with in Jan 2019.

Thanks for performing the steps provided by my colleague above, @romerodebbie.

 

Let me provide you additional steps on how to fix your beginning balance issues in QuickBooks Desktop. As have mentioned by @Rasa-LilaM, the cause of this issue is either of the following: 

 

  • Possible data damage.
  • Previously cleared and reconciled transactions were voided, deleted, or modified.

 

To fix this, we can perform an Audit Trail report. This report tracks each user's entries, modified transactions, voided transactions, and deleted transactions in QuickBooks. Here's how:

  1. Go to the Reports menu and select Banking. Then, click Previous Reconciliation.
  2. Select the appropriate account being reconciled.
  3. Click the most recent statement date. Choose Transactions cleared at the time of reconciliation. Then click Display.
  4. Note the statement and the reconciliation creation date.
  5. Go back to the Reports menu and select Accountant & Taxes. Then, click Audit Trail.
  6. Set the Account filter to the account is reconciled.
    1. Click Customize Report.
    2. Go to the Filters tab, then choose Account from the filters.
    3. From the Account drop-down, select the appropriate account.
  7. Once done, go to the Display tab. Set the Date filter with the From field blank and the To date set to the statement date.
  8. Select OK.
  9. Set the Entered/Modified filter with the From date set to the previous reconciliation creation date from the PDF, and the To field as today's date.
  10. See if any of the transactions in the report can account for the discrepancy.

If you are using QuickBooks Desktop Pro, you can only access the last reconciliation report. To keep a copy of the other reports, you can save a PDF copy on your hard drive. See view previous bank reconciliation reports to learn more.

  1. Go to the Reports menu, then select Banking, then Previous Reconciliation.
  2. Select the appropriate Account and Statement Ending Date. Select Display.
  3. Compare this report to past statements from your financial institution.

To correct the discrepancy, you may need to re-enter or edit the transactions. You can also try one of the following options:

Undo a previous reconciliation and redo it

  1. Back up the QuickBooks company file.
  2. In the Begin Reconciliation window, select Undo Last Reconciliation.
  3. When prompted, select Continue then OK.
  4. Close and reopen the Begin Reconciliation window.

It's also possible that your data file may be damaged or corrupted. To fix the problem, you can try these basic data damage troubleshooting steps on your company file.

 

I'm always here to help if you have any other concerns or questions. Just tag my name in the comment section and I'll get back to you as soon as I can. Keep safe.

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