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Level 2

Beginning balance is wrong on reconciliation report

Hi QBO community,

 

I'm trying to solve an issue from 2018 (before I was with my organization). The October beginning balance is wrong on the QBO reconciliation report. September's ending balance is correct. I don't understand why October's beginning balance wouldn't match September's ending balance?

My organization did migrate from Peachtree to QBO around that time, so I'm not certain whether that would have had anything to do with it. 

 

In any case, I need to change the October 2018 beginning balance, and I'm having trouble figuring out how to edit it. I reviewed the Fix beginning balance issues article, but it only recommends editing the transactions on the report. The problem isn't with any of the transactions on the report; the beginning balance is just wrong. How can I correct it?

 

Thanks!

4 Comments
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QuickBooks Team

Beginning balance is wrong on reconciliation report

We can create a journal entry, Karen_from_Finance.

 

Let's use it to correct your opening balance. I'd also recommend reaching out to an accounting expert or to your accountant to guide you with it.

 

You can follow these steps on how to create a journal entry:

  1. Go to the Plus icon and select Journal Entry.
  2. On the first line, select the Account you want to enter the opening balance. Enter the amount on either Debit or Credit. That depends if you'd like to increase or decrease the balance.
  3. Choose Opening Balance Equity account on the next line.
  4. In either Debit or Credit column, enter the opening balance amount opposite to the first line.
  5. Hit Save.

Once done, let's go to the account's register and manually mark it as reconciled. Select the box under the checkmark column until you'll see an R.

 

Here are some of the articles to learn more:

This will help you fix your October 2018 reconciliation report. Comment below if you have more questions.

Highlighted
Level 2

Beginning balance is wrong on reconciliation report

Hi Alex,

I made the journal entry as recommended and dated it 10/1/2018. This helps to get rid of the "Your account isn't ready to reconcile yet" error message, but it doesn't change the beginning balance on the reconciliation report for October 2018. Did I miss a step?

Thanks!

Highlighted
Level 2

Beginning balance is wrong on reconciliation report

Hi @AlexV ,

 

I've been thinking more about this and trying to ascertain what went wrong in the first place. I checked our records and our Peachtree to QuickBooks Online transition did take place in October 2018, and so I'm fairly certain that something happened during the migration to render the October 2018 beginning balance incorrect. To clarify, the beginning balance listed on the reconciliation report was $24021.20 higher than it should have been.

I was looking in our old Peachtree, and I saw that at the end of FY18 (when we stopped using Peachtree) our outstanding checks equaled $24034.75. Is it somehow possible that during the migration, this outstanding checks amount was added as a positive amount to the bank balance?

The amounts aren't exactly the same, but it's the best match I've found so far.

 

Is there anything else that could have caused this? Do you know any other instances of uncleared items in Peachtree affecting the beginning balance when migrated to QBO?

Thanks!

Highlighted
QuickBooks Team

Beginning balance is wrong on reconciliation report

Hi @Karen_from_Finance,

 

Thank you for your prompt reply, as well as providing additional details on the issue at hand.

 

What you mentioned about the outstanding checks is indeed possible, although it would be best to contact our Technical Support team for assistance with this. They can take a closer look by initiating a remote session with your computer (with your permission), and investigate the actual cause of this issue.

 

Here's how:

  1. Log in to your QuickBooks Online company.
  2. Click the Help menu.
  3. Select Contact us.

For newly created bank or credit card accounts, check out this article on how to enter an opening balance: Enter opening balances for accounts in QuickBooks Online.

 

Feel free to post a comment below, in case you have other questions. I'll get back to you as soon as I can.

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