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Jb81
Level 1

Banking Reconciliation

When trying to reconcile my current bank statement, the 

Beginning Balance does not match my statement, but is showing a large -minus sum, 

caused by All transactions not showing up from the start of this software in 2009?

How did this happen?  Help

1 Comment 1
ReyJohn_D
Moderator

Banking Reconciliation

Thanks for joining us here in the Community, @Jb81.

 

Allow me to share with you some insights about reconciliation in QuickBooks Online (QBO).

 

If this is your first time reconciliation, these are the reasons you're having beginning balance issues:

 

  • Someone entered an incorrect opening balance when you created the account in QuickBooks.
  • Someone adds transactions that are older than the opening balance and doesn't edit the original entry to reflect the change.
  • When you connect your accounts, QuickBooks enters the opening balance for you. Missing or duplicate transactions may affect the opening balance.

However, if this isn't the first time, the following are the root causes of the issue you're getting:

 

  • The amount or account of a previously-reconciled transaction was changed.
  • A previously-reconciled transaction was deleted.
  • The amount or account of a transaction that was connected to a previously-reconciled transaction was deleted or changed. For example, if you reconcile your credit card statement, including last month's payment from your checking account, but, in your checking account, you accidentally delete the payment to your credit card, the next time you reconcile your credit card statement, your beginning balance will be off by the amount of the payment.
  • A transaction's reconciliation status was changed in the register. This can be caused either when the reconciliation status of a previously-reconciled transaction was changed from reconciled (R) to cleared (C) or neither (blank), or when the status of an unreconciled transaction was changed to reconciled (R).
  • The account's opening balance is incorrect. 

 

To help fix this, you'll have to seek help from your accountant for the best advice. This way, you won't mess up your valuable transactions.

 

Also, I've got a great resource that you can use for more info about reconciliation in QBO. It contains the steps on how you can get started with your reconciliation, reconciling bank and credit card accounts, etc.: Reconciliation in QBO.

I'm always around in the Community if you have more questions about reconciliation in QBO. I'll be here to help you some more. Take care and stay safe always.

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