Hi there ! I recently bumped into the following discrepancy when cleaning my books for 2021 . The very begining balance of my checking account shows a negative ?

It's nice to have you in the Community today, @usertony2. I'll take care of your issue in the beginning balance that shows negative in QuickBooks Online (QBO).

You'll want to ensure you enter your opening balance correctly. Entering it wrongly causes issues during your reconciliation. Correct opening balance fixes your beginning balance issue. Let me show you how:

1. Go to the Accounting menu in your QBO account.
2. Select Chart of Accounts.
3. Find the bank account on the list.
4. Select View register.
5. Search for the opening balance entry. It should have "Opening Balance Equity" in the Account column.
6. Take note of the date and balance. However, you can manually enter your opening balance if you've already started entering transactions.

See the screenshot below for a visual reference:

Once done, you'll have to compare the opening balance to your real-life account balance. If it doesn't match your bank record, you can edit it. Here's how:

1. Click the opening balance entry to expand the view.
2. Edit the balance that matches your bank record under the Deposit column.
3. Select Save. Then click Yes if QuickBooks is asking for confirmation.

I'd also recommend working with your accountant for additional guidance. If you don't have one, you can look for a Pro-Advisor near your area using our Find an Accountant tool. This way, we can prevent messing up your book.

You'll also want to review all of your transactions to check why the opening balance ended up as a negative balance.

I'm adding these articles for more details about this process: 

• Edit an incorrect opening balance

• Fix issues the first time you reconcile an account in QuickBooks Online

If everything's good with your bank registers, you can proceed to reconcile an account in QBO. You might also want to check out this article to learn more about the reconciliation workflow: Learn the reconcile workflow in QuickBooks.

If you need any additional assistance while reconciling accounts, you can leave a comment below. I'll be sure to get back to you. Have a good one!

Hi Kevin! I tried this solution . It didn't work no open balance equity shown in entries. 

I have attached a screenshot below

Thanks for coming back to the Community, usertony2.

I appreciate you for sharing the result after following the solution provided by my peer. We’ll have to create a journal entry to add the opening balance equity amount.

Let’s open your QuickBooks to accomplish this task. I’m here to help make sure the process is a breeze for you.

Here’s how:

1. In QuickBooks Online (QBO), tap the New menu and choose Journal entry under Other.  
2. Type the date that comes before the oldest transaction in the account. This will be the opening balance date.
3. Under the Account column, go to the first line and click the drop-down to select the account you wish to enter the opening balance for.
4. Add a note in the Description field so you know what the journal entry is for.
5. In the second line, choose Opening Balance Equity.
6. Then use your bank statements to enter the opening balance.
7. Input the balance of your real-life account for the date you picked as the opening balance.
8. Key in the debits and credits based on the account you entered on the first line.

For the complete details, follow the steps in this article: What to do if you didn't enter an opening balance in QuickBooks Online. Then proceed directly to the Create a journal entry section and perform Steps 8 up to 13. Make sure to include the instructions in the Mark the journal entry as reconciled section.

For additional resources, this reference will guide you on how to balance your account: Fix issues the first time you reconcile an account. It contains screenshots to visually guide you through the process.

Also, the Reconcile an account in QuickBooks Online guide tackles how to match your bank or credit card statements. From there, you'll learn about reconciling accounts connected to online banking as well as the ones that are not linked to the bank feeds.

Keep me posted below if you still further assistance balancing your accounts. I’ll jump right back in to get this taken care of for you. Have a great day ahead.