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gstephenson
Level 2

Beginning balance on reconciliation page is different from the open equity balance I entered

I am trying to reconcile a bank account from January 2019 - present.

 

I entered the open balance equity to match the ending balance of December 2018's statement but when I go to reconcile the beginning balance is off by $60,000. 

 

So when I continue with the reconciliation the difference is off by $64k, what can I do to get the beginning balance to match the open equity balance I entered?

Solved
Best answer January 27, 2021

Best Answers
jamespaul
QuickBooks Team

Beginning balance on reconciliation page is different from the open equity balance I entered

Hello, gstephenson.

 

I have a bunch of solutions to help you fix the discrepancy between the opening and beginning balances.

 

There might be transactions that aren't part of the business for the December 2018's statement. I recommend reviewing your transactions in your bank account. Then, edit the opening balance if it's incorrect. 

 

Also, you'll want to review all the transactions entered in the bank account. Compare the ones in QuickBooks and your bank statements. 

 

Simply go to the Chart of Accounts, click View register on the bank account then review the transactions. 

 

Another thing to look out for is the previously reconciled transactions. There might be records that were reconciled but under the wrong period. Changes to the reconciled transactions are another culprit. 

 

In this case, you'll want to check your reconciliation history report: 

 

  1. Go to Accounting, then click the Reconcile tab. 
  2. Click the History by account link.
  3. Select a statement date, then click View report.
  4. Review any changes on your transactions.

 

reconcile1.PNG

 

You can edit the transaction or delete or enter it normally. If it's reconciled incorrectly, you'll want to unreconcile it: 

 

  1. Go to the Chart of Accounts again, then open the bank's register.
  2. Find and select the transaction.
  3. Under the Check column, click it until it turns blank.
  4. Hit Save

 

reconcile2.PNG

 

For more details about the process, you can check this article: Fix issues the first time you reconcile an account in QuickBooks Online.

 

Need to take care of your current bank transactions? You can check our Banking-related articles for guides and important information. 

 

I'll be around if you need help with your bank transactions. Looking to do other processes in QuickBooks Online? Ask away and I'll assist you. 

View solution in original post

3 Comments
jamespaul
QuickBooks Team

Beginning balance on reconciliation page is different from the open equity balance I entered

Hello, gstephenson.

 

I have a bunch of solutions to help you fix the discrepancy between the opening and beginning balances.

 

There might be transactions that aren't part of the business for the December 2018's statement. I recommend reviewing your transactions in your bank account. Then, edit the opening balance if it's incorrect. 

 

Also, you'll want to review all the transactions entered in the bank account. Compare the ones in QuickBooks and your bank statements. 

 

Simply go to the Chart of Accounts, click View register on the bank account then review the transactions. 

 

Another thing to look out for is the previously reconciled transactions. There might be records that were reconciled but under the wrong period. Changes to the reconciled transactions are another culprit. 

 

In this case, you'll want to check your reconciliation history report: 

 

  1. Go to Accounting, then click the Reconcile tab. 
  2. Click the History by account link.
  3. Select a statement date, then click View report.
  4. Review any changes on your transactions.

 

reconcile1.PNG

 

You can edit the transaction or delete or enter it normally. If it's reconciled incorrectly, you'll want to unreconcile it: 

 

  1. Go to the Chart of Accounts again, then open the bank's register.
  2. Find and select the transaction.
  3. Under the Check column, click it until it turns blank.
  4. Hit Save

 

reconcile2.PNG

 

For more details about the process, you can check this article: Fix issues the first time you reconcile an account in QuickBooks Online.

 

Need to take care of your current bank transactions? You can check our Banking-related articles for guides and important information. 

 

I'll be around if you need help with your bank transactions. Looking to do other processes in QuickBooks Online? Ask away and I'll assist you. 

View solution in original post

gstephenson
Level 2

Beginning balance on reconciliation page is different from the open equity balance I entered

Great, thank you!

 

Do you happen to know how I can get my bank account balance and qb balance to match?

JasroV
QuickBooks Team

Beginning balance on reconciliation page is different from the open equity balance I entered

Thanks for getting back to us, @gstephenson.

 

On behalf of my colleague, you’re welcome. To ensure your bank balance and QuickBooks balance matches, Ensure all transactions from your bank is entered in your QuickBooks.

 

This way, when you’re ready to reconcile your account, we can guarantee your bank and QuickBooks matches. 

 

To be guided in reconciling your accounts, you can read this article for reference: Learn the reconcile workflow in QuickBooks.

 

You can also work with your accountant for additional guidance. They can provide you the best advice and practices in maintaining your accounts well accounted for.

 

If you’re not affiliated with one, you can visit our ProAdvisor page and we’ll help you look for one from there.

 

If you have other concerns or questions about managing your accounts, you can always leave a comment in this thread. I’ll be around to ready to lend a helping hand. Have a good one!

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