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?
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'.
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!
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:
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.
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.
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:
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!