bank reconciliation beginning balances

dsuson25 · ‎March 20, 2025

Dear Quickbooks Team,

I made a journal entry from the transferred files of old company to new company, when I begin to reconcile the bank accounts it shows the beginning balance is zero, but I checked the Charts of accounts there is a total balance. Any ideas how to fix it? thank you

NerbynMaeI

When reconciling bank accounts in QuickBooks Desktop, ensure that all transactions, including journal entries, are dated correctly, dsuson25. I'd be glad to help you fix this.

Before you begin, please check that the date of the journal entry you have created is set to the date of reconciliation. This is important to maintain accuracy and consistency in your records.

If the Journal Entry date is correct, let's proceed to fix the beginning balance by recreating the opening balance. To correct the zero balance, we will create a new journal entry and then reconcile the account to ensure accuracy and resolve any discrepancies.

To proceed with creating a journal entry, here's how:

Go to Company, and click Make General Journal Entries.
Change the date to the correct statement date of your beginning balance.
Select the account you want from the Account dropdown.
Enter the correct opening balance in the Debit column.
Select Opening Balance Equity and select Save.

After that, you can now reconcile your transactions:

Go to Banking, and select Reconcile.
Select the account you want from the Account dropdown.
Enter the statement date and ending balance that matches your Journal Entry.
Select Continue.
In Deposits and Other Credits, select the Journal Entry.
Note: The amount shown for the Difference should now be zero.
Select Reconcile Now.

For more detailed information, you may check out this article to have some insights into correcting your beginning balance in QuickBooks Desktop: Fix beginning balance issues in QuickBooks Desktop.

Additionally, I'll provide this article on reconciling an account in QuickBooks Desktop. This will help you in the process to ensure that your financial records are accurate: Reconcile an account in QuickBooks Desktop.

Lastly, I recommend consulting with an accountant to make sure these are made correctly according to your needs. An accountant can help optimize your accounting setup, ensure compliance with local regulations, and provide insights into maximizing profitability.

Establishing an accurate beginning balance is vital for maintaining the integrity of your financial records. If you have any follow-up questions or need further assistance in correcting your beginning balance, feel free to reach out, and we'll be here to help you promptly.

View solution in original post

NerbynMaeI

When reconciling bank accounts in QuickBooks Desktop, ensure that all transactions, including journal entries, are dated correctly, dsuson25. I'd be glad to help you fix this.

Before you begin, please check that the date of the journal entry you have created is set to the date of reconciliation. This is important to maintain accuracy and consistency in your records.

If the Journal Entry date is correct, let's proceed to fix the beginning balance by recreating the opening balance. To correct the zero balance, we will create a new journal entry and then reconcile the account to ensure accuracy and resolve any discrepancies.

To proceed with creating a journal entry, here's how:

Go to Company, and click Make General Journal Entries.
Change the date to the correct statement date of your beginning balance.
Select the account you want from the Account dropdown.
Enter the correct opening balance in the Debit column.
Select Opening Balance Equity and select Save.

After that, you can now reconcile your transactions:

Go to Banking, and select Reconcile.
Select the account you want from the Account dropdown.
Enter the statement date and ending balance that matches your Journal Entry.
Select Continue.
In Deposits and Other Credits, select the Journal Entry.
Note: The amount shown for the Difference should now be zero.
Select Reconcile Now.

For more detailed information, you may check out this article to have some insights into correcting your beginning balance in QuickBooks Desktop: Fix beginning balance issues in QuickBooks Desktop.

Additionally, I'll provide this article on reconciling an account in QuickBooks Desktop. This will help you in the process to ensure that your financial records are accurate: Reconcile an account in QuickBooks Desktop.

Lastly, I recommend consulting with an accountant to make sure these are made correctly according to your needs. An accountant can help optimize your accounting setup, ensure compliance with local regulations, and provide insights into maximizing profitability.

Establishing an accurate beginning balance is vital for maintaining the integrity of your financial records. If you have any follow-up questions or need further assistance in correcting your beginning balance, feel free to reach out, and we'll be here to help you promptly.

FishingForAnswers

@dsuson25 Your first reconciliation in a new QB file will always have a beginning balance of zero.

The Journal entry you made to establish an opening balance will account for this by either representing a negative or a positive beginning balance to either subtract or add from said zero beginning balance.

It is basically a transaction in and of itself, representing the net effect of everything that happened prior to the reconciliation period in question.

As long as you can still get to the ending balance, all is well.

If you can't, you're missing some transactions for the time period in question.

dsuson25

Thank you so much, Solved.

Candice C

Hey, @dsuson25.

Thanks for coming back and letting us know that your balances are resolved.

If you have any other questions, don't hesitate to ask. We're always here to lend a helping hand!

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