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emily_dale
Level 1

Beginning Bank Balance

I am wanting to reconcile a bank account.  It has never been reconciled.  My beginning balance does not match.  I am trying to figure out where QuickBooks came up with this beginning balance number.  Is there a way to change it without creating a journal entry?

15 Comments
MirriamM
Moderator

Beginning Bank Balance

Thank you for posting your question in the Intuit Community, emily_dale,

 

Let me get the help you need to ensure you'd able to match beginning bank balance.

 

To further isolate the issue, let's check the balance for this bank account. Here's what you'll need to do:

  1. Click the Gear icon at the top.
  2. Under Your Company, choose Account and Settings.
  3. Locate the account in the Chart of Accounts.
  4. From the Action column, choose View register.
  5. Check the account's opening balance.
  • If it's incorrect, you'll need to edit it.
  • If there isn't one, you'll need to enter it.

For more information about reconciling accounts in QuickBooks Online, here's a great resource that you can check:

If you have further questions in reconciling accounts, please feel free to reach back out. I'm always here to help.

Anonymous
Not applicable

Beginning Bank Balance

Hello,

 

There is no option to edit the beginning balance in the window you mention.  I don't understand how to fix the issue, which is happening because Quickbooks only uploads 90 days of information.

Anonymous
Not applicable

Beginning Bank Balance

It's nice to see you here again, @Anonymous,

 

Allow me to step in for a moment and share some insights on how to update your beginning balance.

 

Here are most common causes for a beginning balance discrepancy:

  • There are changes made on the amount or account of a previously-reconciled transaction.
  • You deleted a previously-reconciled transaction.
  • You updated the transaction's reconciliation status 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 during the initial set up.

Please be reminded that you can only edit the Beginning balance if it is your first time setting up the account or if there aren't any transactions yet. To get past the problem, follow the steps below:

  1. Click the Gear icon.
  2. Choose Reconcile.
  3. Select the Account you want to reconcile.
  4. Tap the We can help you fix it link on the beginning balance alert.
  5. On the Reconciliation Discrepancy Report, verify which transactions are causing the difference in the Change Type column.

Once you identify the issue, you can correct them by creating adjusting entries or recreating the deleted transaction if any. Before making any corrections, I'd suggest consulting this with an accounting professional to get the best legal and accounting advice for this type of concern. To create a journal entry in QBO:

  1. Click the Plus icon (+).
  2. Select Journal Entry.

You can also see the steps to do the adjusting entries in this article:  Create a Journal Entry

 

To know more about fixing an incorrect beginning balance, please check out this article: Fix an opening balance to match a bank statement.

 

That should help you reconcile your account this time. The Community is always here, so don't hesitate to let me know if I can be of further assistance. Have a great day!

SJ3351
Level 2

Beginning Bank Balance

Hi I have a similar problem.  I am using QBO and it is completely different than the Desktop.  There were issues with a reconciliation in March, so my CPA deleted the entire year of reconciliations, which I understand.  But the Beginning balance is off, we opened this account in 2019 so there weren't any transactions prior to that date.  I have no idea where this balance is coming from.  There were only 5 transactions in January 2019 and they are all accounted for.  I've tried doing an JE and it corrects my Reconciliation report but my register balance is off.  I've spoken with Intuit and the rep said that she has heard of this happening but could not find any information about correcting this.  Help

SJ3351
Level 2

Beginning Bank Balance

Hi Just curious, where you ever able to figure out the problem?  I'm having a similar issue, my opening balance is off but there are no corresponding transactions in the register.

 

Thanks

SJ3351
Level 2

Beginning Bank Balance

I forgot to add that the discrepancy only shows in my reconciliation site not in the actual account register

MaryLurleenM
Moderator

Beginning Bank Balance

Hello there, SJ3351,

 

There are a couple of reasons why the opening balance is off:

  • there might be added transaction older than the opening balance
  • the opening balance doesn't include transactions that were still pending when you made the account
  1. Click Accounting on the left pane
  2. Select Chart of Accounts.
  3. Find the account on the list.
  4. Select View register to get more details.
  5. Search for the opening balance entry. It should have “Opening Balance Equity” in the Payee Account column and “Opening Balance” in the Memo column.
  6. Review the rest of the list. There should be a C or blank box in the checkmark column.

If there's an R on any other transactions, select the box in the checkmark column. Keep selecting it until you see a C or blank box. Then select Save. Then, start reconciling again.

 

Check this article to learn more: Fix beginning balance issues during your first reconciliation in QuickBooks Online

 

You may also want to consult with your accountant to make sure you're doing it correctly.

 

I'll be around if you need more help.

SJ3351
Level 2

Beginning Bank Balance

Hi, 

 

Thank you for replying.  I forgot to mention in my initial post that the discrepancy only shows up on the Reconciliation side.  The Bank register all matches, there are no older transactions listed

GlinetteC
Moderator

Beginning Bank Balance

Let's make sure to keep your QuickBooks accounts accurate, SJ3351.

 

I'd like to provide you ideas on what you can do if you didn't enter an opening balance in QuickBooks.

 

Before creating a Journal Entry, check your account register that you don't have an opening balance. If there's a balance, don't create a JE.  Please note of the date and amount. Make sure the opening balance is correct

 

To learn more about the process, please check out this article for your guide: What's an opening balance?

 

Let us know if you need more help with managing your accounts in QuickBooks. We're here to help.

SJ3351
Level 2

Beginning Bank Balance

Hi,

 

There was one opening deposit of $1K  then 4 other transactions.  But when I go to reconcile it has a previous balance of -3,568.75.  I have no idea where that number came from as there is nothing showing in the register before the $1K.  The register matches the bank statement, I only see the negative previous balance in the Reconciliation side.  There is no "We can help you fix that" message.

Kendra H
QuickBooks Team

Beginning Bank Balance

Good evening, @SJ3351.

 

Let's work together and get this previous negative balance resolved.

 

Before we go into detail, I'm going to need some additional information about what's happening when you go to reconcile.

  • Can you maybe provide a screenshot of the issue?
  • Have you connected that bank account to your QB Online account?

Also, let's try clearing your browser's cache and cookies just in case it's holding on to bad data.

 

Here's how:

  1. On your computer, open Chrome.
  2. At the top right, choose More.
  3. Click on More tools, then pick Clear browsing data.
  4. At the top, choose a time range.
  5. Next to "Cookies and other site data" and "Cached images and files," check the boxes.
  6. Select Clear data.

Here is also a link with steps on how to clear cache and cookies with other browsers: Troubleshooting Browsers

 

Touch base with me after trying the troubleshooting steps above. Speak soon!

SJ3351
Level 2

Beginning Bank Balance

Hi,

 

Sorry for the delay, I just saw this.  Attached is a screenshot of my Reconciliation site.  These 5 transactions are the only transactions in the account register.  There should be no Previous Balance.  the -3,568.75 is listed as the Previous balance

SJ3351
Level 2

Beginning Bank Balance

Sorry, Yes QBO and our bank account have always been linked

MaryLurleenM
Moderator

Beginning Bank Balance

Thank you for the screenshot you've provided, SJ3351.

 

The amount on the beginning balance is from the reconciled transactions. Let's try to run a report for the checking account to locate these transactions.

 

Here's how:

  1. Click the Gear icon.
  2. Select Chart of Accounts.
  3. Locate the checking account and click View register.

Check if there's an R on any other transactions. You'll want to adjust you ending balance if you find the transactions.

 

Let me know if you have more questions.

SJ3351
Level 2

Beginning Bank Balance

Found it, Thank you so much

 

Have a wonderful weekend

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