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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?

4 Comments
Anonymous
Not applicable

Normally that "Beginning Balance" (withing the reconcilia...

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'.

Level 1

Thanks, I started the QB company with the Dec 2016 bank s...

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?
Anonymous
Not applicable

Run both the 'prior reconciliation" and  'reconciliation...

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.
Level 8

There usually is an opening balance entry in the checking...

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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