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Level 1

Entered the beginning balance to match the statement for the bank account, but when reconciling for the first time, beginning balance is not what I entered.

I'm trying to reconcile a bank account that has not yet been reconciled. I set up the bank account on 12/14/16 ( the bank annoying splits the months up) with the opening balance to match the statement, but when I go to do the initial reconcile for 1/14/17, the beginning balance is not what I entered. It is a negative amount. I've made sure none of the transactions for the year are accidentally marked as cleared. Any ideas?

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Anonymous
Not applicable

Entered the beginning balance to match the statement for the bank account, but when reconciling for the first time, beginning balance is not what I entered.

Normally that "Beginning Balance" (withing the reconciliation function) will the closing balance from the prior bank statement - not the prior gl account balance.   But if QB has never reconciled an account, then that "Beginning Balance" should be zero. Even if the 'cleared' flag is manually placed by mistake, it should not effect that "beginning balance'.

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Level 1

Entered the beginning balance to match the statement for the bank account, but when reconciling for the first time, beginning balance is not what I entered.

Thanks, I started the QB company with the Dec 2016 bank statement, which wasn't zero. I entered the opening balance into the bank account when I set it up. When I went to reconcile the first month of entered transactions the beginning balance in the reconciling window is  negative -$216. How on earth is a negative number showing up?
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Anonymous
Not applicable

Entered the beginning balance to match the statement for the bank account, but when reconciling for the first time, beginning balance is not what I entered.

Run both the 'prior reconciliation" and  'reconciliation discrepancy' reports from the banking menu  - even though they should both be empty of the account has not been reconciled.  All run a data > verify.
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Level 8

Entered the beginning balance to match the statement for the bank account, but when reconciling for the first time, beginning balance is not what I entered.

There usually is an opening balance entry in the checking register.  That will be the balance on the prior bank statement (in your case the opening balance of the Dec 2016 statement).  If there wasn't an opening balance entered in the register it will be off so you have to create it when you first start.  You can of course add it now if it is missing.

Once it is added, click twice on the check mark in the register on that transaction.  This will mark it as reconciled.  Then begin reconciling with the Dec 2016 bank statement.  You may have to undo statements to go back.
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Level 2

Entered the beginning balance to match the statement for the bank account, but when reconciling for the first time, beginning balance is not what I entered.

Hi - I am having the same problem with the beginning balance being negative for the first month the account is being reconciled BUT the opening balance from the bank matches exactly to the bank statement. There are no other transactions in the register prior to the date of that initial deposit. Please help!

 

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QuickBooks Team

Entered the beginning balance to match the statement for the bank account, but when reconciling for the first time, beginning balance is not what I entered.

I can think of a reason why your beginning balance shows a negative amount, @eas22487.

 

It could be that there's an opening balance equity that was entered incorrectly. We can run a QuickReport to find out what's causing this issue. Here's how:

 

  1. Go to List and select Chart of Accounts.
  2. Right-click the affected account and select QuickReport.
  3. Double-click the negative amount.

 

Once done, edit the amount or update the transaction that's causing the negative beginning balance. Then, go back to the Chart of Accounts and check if it was corrected.


I've also added an article about the reconcile workflow in QuickBooks. This will provide you guides in reconciling your accounts in QuickBooks to keeps things accurate.

If you have any other questions please let me know. I'm always glad to help any way I can.

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Level 2

Entered the beginning balance to match the statement for the bank account, but when reconciling for the first time, beginning balance is not what I entered.

Hi - Thanks so much for your quick response! I did run this report, but the opening balance entry is correct. In fact, the balance in my register exactly matches the bank statement for the END of the month I am trying to reconcile. So I just have no idea where this transaction might me. Please see the attached screen shots for more info. Annotation 2020-03-26 163821.png

 

Annotation 2020-03-26 163934.png

 

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Moderator

Entered the beginning balance to match the statement for the bank account, but when reconciling for the first time, beginning balance is not what I entered.

Hey there, @eas22487. Thanks for reaching back out and providing those screenshots.

 

I see that you're  using QuickBooks Online. The steps provided by my colleague were for QuickBooks Desktop, but the same idea applies. You can find the opening balance transaction by following these steps:

 

  1. On the left menu, go to Accounting, then Chart of Accounts.
  2. Next to the account you're trying to reconcile, click View Register.
  3. Use the Funnel (Filter) icon at the top of your register and select the following:
    • Reconcile Status - Reconciled
  4. Look in the list of transactions for an open balance equity transaction and make the necessary edits or updates to correct it.

 

That's all there is to it! If you'd like to learn more about the reconciliation process in QuickBooks Online, I recommend checking out this awesome article.

 

If you run into any other bumps along the road, I'm just a reply away. Have a good week!

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Level 2

Entered the beginning balance to match the statement for the bank account, but when reconciling for the first time, beginning balance is not what I entered.

Oh I see the problem... because I had some reconciled transactions further on in the year they were affecting the beginning balance. Thank you so much for the help!

 

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