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swebbtag1
Level 1

Correcting beginning balance

I do bookkeeping for a non-profit entity.  QBO was set up by someone else two years ago and I inherited.  I have reconciled the accounts for the last two years and this last month when I started to reconcile my beginning balance was off.  Could not track down the problem but it appears an entry was deleted but could not identify where.  I un-reconciled all the way back to January 2018 (beginning of our books in QBO) and it appeared wherever the problem came was solved when I re-reconciled five months.   I am rolling right along and reconciling again and I have the same issue but different amount this time.  Keep in mind I just reconciled 5 months straight with correct beginning and ending balances.  Again cannot identify the problem.  Took the account back to the beginning again but now when I open the reconciliation my beginning balance does not match the opening equity.  I have deleted the opening equity and re-entered but still cant balance because I get the error message that my beginning balance is off.   I literally cannot go back any further in QBO.  So why would the very first bank reconciliation beginning balance not match the opening equity amount?  What other area or number would cause a difference??  Why have I been able to reconcile perfectly for almost two years and then suddenly have a discrepancy in the beginning balance???

 

1 Comment 1
KhimG
QuickBooks Team

Correcting beginning balance

Thanks for providing detailed information about your reconciliation issue, @swebbtag1.


Let’s check the different causes why you’re having a beginning balance discrepancy in QuickBooks Online. This way, you can reconcile the accounts successfully. They include: 

  • Changes in the amount of a reconciled transaction. 
  • Deleting previously reconciled transactions. 
  • Modifying the transaction's status in the register. For example, from reconciled (R) to cleared (C) or neither (blank), or when an unreconciled entry was changed to reconciled (R).
  • Someone entered an incorrect opening and ending balance for the account at the start of reconciliation.
  • There are missing or duplicate transactions in QuickBooks. 
  • Someone entered a transaction in QuickBooks that hasn’t cleared the bank yet.

 

There are different resolutions provided to resolve the beginning balance mismatched. Read through these articles and follow the instructions given depending on your scenario: 

 

For other recommended solutions, see Resolve reconciliation differences. It has tips that can help hunt down tricky transactions and get the difference to equal zero. 

 

Know that I'm always here and ready to help if you need further assistance, so leave a comment. Have a good one!
 

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