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I have quickbooks 2015 for mac and I am trying to reconcile the bank account that has never been reconciled but I don't know where to start. Im confused because it has a beginning and ending balance that is wrong, how do I change that and start over?
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Hi biglakeengine,
I'm here to help. The beginning balance will be incorrect when an opening balance was entered incorrectly, or was not entered during setup. Since this account has not been reconciled, there may be some transactions that were manually reconciled. You'll have to check your register to see if there are any transactions that were mistakenly reconciled and make the necessary corrections.
Here's an article that'll help you out:
https://community.intuit.com/articles/1213627
Feel free to reach out to me if there's anything else that you need.
Hi biglakeengine,
I'm here to help. The beginning balance will be incorrect when an opening balance was entered incorrectly, or was not entered during setup. Since this account has not been reconciled, there may be some transactions that were manually reconciled. You'll have to check your register to see if there are any transactions that were mistakenly reconciled and make the necessary corrections.
Here's an article that'll help you out:
https://community.intuit.com/articles/1213627
Feel free to reach out to me if there's anything else that you need.
The first reconciliation will start with a Beginning Balance of 0, because none of the transactions, not even the initial deposit, is reconciled yet. Beginning Balance is the Net of all previously Cleared transactions. Your goal is not to match to this. Your goal is to match to the known Ending balance.
Have your bank statement. The beginning balance of 1/1/15 needs to be recored in QB. Go to Journal entries, the first line enter your bank account from the drop down menue, debit the account for the beginning balance. Enter the 2nd line Beginning Balance (which is an equity account) credit the same amount. IF this doensn't work, reconcile the first month, the ending balance will be different not reflecting the beginning balance of the first statement. Click reconcile and it will create the entry for you. Hope that helps,
M.E.
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