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rlanuza
Level 1

Fix the beginning bank balance in QuickBooks Online

I created a new company in Quickbooks Online and made a journal entry to create the opening balances according to the latest Balance Sheet. I have a problem with the bank account information in the Chart of Accounts, because although the Quickbooks balance is correct, the bank balance shows zero.
How can I reconcile the bank account without changing the book balance?

1 Comment 1
ChristieAnn
QuickBooks Team

Fix the beginning bank balance in QuickBooks Online

Hi there, rlanuza.

 

Thank you for vising the QuickBooks Community. I'll be sharing details so you're able to see fix your issue. Then, I'll ensure to explain why your QuickBooks balance doesn’t match with the bank balance and the possible steps that need to be performed.

 

The QuickBooks balance is the total balance of all bank transactions that you’ve added or matched to QuickBooks. While the bank balance is your bank's actual balance from the last bank feed update, and what your financial institution shares with us.

 

There might be transactions causing the difference if the bank and QBO balances don't match. Please see the list below of possible reasons:

 

  • Outstanding transactions.
  • New transactions for a connected account.
  • Duplicate transactions.
  • Edited or deleted transactions.
  • Card (liability) account.

 

To sort the issue, let’s review the opening balance and compare the amount to your real-life account. Sometimes the opening balance doesn't include transactions that were still pending when you made the account. Please note the steps to fix the issue will vary depending on what’s causing the discrepancy. 

 

Here’s how:

 

  1. Go to the Accounting menu on the left panel to choose Chart of Accounts.
  2. On the Bank and Credit Cards page, look for the account you’re working on.
  3. Click View register under the Actions column.
  4. From the list, look for the opening balance and note the date and balance.
  5. If it's incorrect, click on the opening balance to expand the line.
  6. Go to the Deposit column to change the amount to the right one.
  7. Press the Save button to keep the changes and click Yes to confirm the action.

 

Once done, you can click this article to continue resolving the issue, you can view the instructions in the Fix beginning balance issues during your first reconciliation in the QuickBooks Online guide and start following perform Step 3.

 

Once everything is correct, you can now begin reconciling your account. Furthermore, you're not allowed to reconcile the bank account without changing the book balance that shows a discrepancy. This is to avoid any issues you may encounter. However, after following the steps above, you can reconcile your accounts without any problem: Reconcile an account in QuickBooks Online.

 

lastly, I'm also adding an article that will guide you on how to resolve beginning balance issues. It also contains a video for visual reference as well as a link to help you match and categorize entries: Fix beginning balance issues if you've reconciled the account in the past QuickBooks Online.

 

Reach out to me if you need further assistance with any of these steps. I’ll be right here to help and make sure you’re taken care of. Have a good one.

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