Thank you for reaching the Community, wren16. I'm here to share some information and guide you through the process of resolving beginning balance issues in QuickBooks Online.
When you start reconciling an account, you check the beginning balance in QuickBooks. It is the amount in the account at the start of the time period you're reviewing. Also, the beginning balance amount should correspond to the amount on your bank statement for the same start date.
If it doesn't match, you'll need to review the original opening balance. You can use this article as a reference in correcting the opening balance: Enter and manage opening balances in QuickBooks Online.
You also need to make sure you're reconciling the right account. Once you're done, you need to match and categorize online bank transactions to get the correct beginning balance.
Here's how:
- Go to Banking, then select Bank Transactions.
- Select the account tile you want to review.
- Click the For review tab to start reviewing transactions.
After that, run and check the discrepancy report. If there's something wrong with the account, you'd receive a message before you start reconciling.
If there are no discrepancies, you can also add an adjusting entry to your reconciliation. However, I highly recommend you to consult an accounting professional to ensure that your books are accurate.
Please let me know how it goes by leaving a comment below. I'll be here if you still need assistance. I wish you all the best with your business.
