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timncar
Level 1

change begining balance when I reconcile

i have two companies that were desktop switched to on line the back up i had only wen thru august of 2020, my accountant has passed away and I have no records from 2020, I am still trying to get thru 2021 I have everything entered and the beginning check balance is off how can I correct this simply? thanks in advance

1 Comment 1
GenmarieM
QuickBooks Team

change begining balance when I reconcile

Thank you for dropping the Community, @timncar.

 

I am here to provide some information that can help with your concern.

 

In most cases, the incorrect input of the opening balance is the cause of the beginning balance issues. This is the starting point of the account you specified when you first created it in QuickBooks. The initial balance should be resolved first, before correcting the opening balance.

 

You will need to recheck your opening balance of your account. The transactions which are still pending when the account has been set up shall not be included in the opening balance.

 

After reviewing the account, you can proceed to follow these steps:

 

  1. Go to Accounting, then select Chart of Accounts.
  2. Find the account on the list and choose View Register.
  3. Search for the opening balance entry. It should have "Opening Balance Equity" in the Account column.
  4. Change the balance based on the year you started.

 

Furthermore, I'm adding this article for the detailed steps and instructions: Fix issues the first time you reconcile an account in QuickBooks Online.

 

You can also visit this article as your reference in the future: Reconcile an account in QuickBooks Online.

 

Drop me a comment below if you have other concerns with bank reconciliation. I'm always here to help.

 

 

 

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