I appreciate the screenshot you've shared, @marumir05.
I'll share information about the beginning balance when reconciling your bank account.
The beginning balance is the amount in the account at the beginning of the time period you're reviewing. And it should match what's on your bank statement for the same start day.
The most common reason why your beginning balance doesn't match your bank statement is caused by an incorrect opening balance. To get this fixed, you can follow the steps below:
- Make sure you know the amount you need to enter for your opening balance.
- Click the Gear icon, then select Chart of accounts.
- Select New, then set up your account.
- In the open balances section, pick the date you want to start tracking your finances from.
- Then, enter the account balance for that date.
- Click Save.
I'm adding this article for more guidance: Enter and manage opening balances in QuickBooks Online.
On the other hand, you can reconcile your bank account yearly, however, it's recommended to do it every month.
Once you're good with your beginning balance, you can now proceed with reconciling your bank account. This will help make sure your QuickBooks transactions match your bank statement.
Come back to this post and let me know if you have follow-up questions about this. I'll be around to provide more information.
