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How do I reconcile my checking account when I'm unsure of where the starting balance came from? Old imported Quicken data created the issue.

 
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Best answer August 30, 2020

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QuickBooks Team

How do I reconcile my checking account when I'm unsure of where the starting balance came from? Old imported Quicken data created the issue.

Hello, arwaters2.

 

I'll share some details about the starting balance and how to reconcile the account. The opening balance is the figure entered when you first set up the account in QuickBooks. You can check out this article for more information: What's an opening balance?.

 

To find the opening balance, you can follow these steps:

 

  1. Go to Accounting > Chart of Accounts.
  2. Click the View register link of the account you want to reconcile.
  3. Search your register for an opening balance. It should have Opening Balance Equity in the Payee/Account column and Opening Balance in the Memo column.
  4. Take note of the date and amount. Use your bank records and make sure the opening balance is correct.

Once you have the information, let's reconcile the account by following these steps:

 

  1. Go to Accounting Reconcile
  2. Select the account you want to reconcile from the Account drop-down list.
  3. Check the Last statement ending date. Make sure your bank statement starts the day after your last reconciliation.
  4. Review the Beginning balance. Make sure the beginning balance in QuickBooks matches the one on your bank statement. Here’s what to do if they don't match.
  5. Enter the Ending balance and Ending date as they're written on your bank statement. Some banks call the ending balance a "new balance."
  6. Click the Start reconciling button.

I've got this article that includes a video tutorial on how to reconcile an account in QuickBooks Online.

 

Please let me know if you're able to reconcile the account. I'll be around to help you some more. 

View solution in original post

3 Comments
Highlighted
QuickBooks Team

How do I reconcile my checking account when I'm unsure of where the starting balance came from? Old imported Quicken data created the issue.

Hello, arwaters2.

 

I'll share some details about the starting balance and how to reconcile the account. The opening balance is the figure entered when you first set up the account in QuickBooks. You can check out this article for more information: What's an opening balance?.

 

To find the opening balance, you can follow these steps:

 

  1. Go to Accounting > Chart of Accounts.
  2. Click the View register link of the account you want to reconcile.
  3. Search your register for an opening balance. It should have Opening Balance Equity in the Payee/Account column and Opening Balance in the Memo column.
  4. Take note of the date and amount. Use your bank records and make sure the opening balance is correct.

Once you have the information, let's reconcile the account by following these steps:

 

  1. Go to Accounting Reconcile
  2. Select the account you want to reconcile from the Account drop-down list.
  3. Check the Last statement ending date. Make sure your bank statement starts the day after your last reconciliation.
  4. Review the Beginning balance. Make sure the beginning balance in QuickBooks matches the one on your bank statement. Here’s what to do if they don't match.
  5. Enter the Ending balance and Ending date as they're written on your bank statement. Some banks call the ending balance a "new balance."
  6. Click the Start reconciling button.

I've got this article that includes a video tutorial on how to reconcile an account in QuickBooks Online.

 

Please let me know if you're able to reconcile the account. I'll be around to help you some more. 

View solution in original post

Highlighted
Level 1

How do I reconcile my checking account when I'm unsure of where the starting balance came from? Old imported Quicken data created the issue.

Thank you so much for your help!  Finally after a lot of frustration and anguish trying to resolve the issue I was having in reconciling our account, I was able to work through step by step to a successful conclusion with the suggestions you recommended.  Initially, I had tried making changes in the opening balance that would correct the problem, but with no success.  After much analysis and taking more time to think through the process, I was able to make the changes necessary to reconcile 18 months of bank statements.  We are finally up to date, problem solved and ready to utilize the functions of QuickBooks to assist in the tracking of our organization's financial operations.  A very large weight has been lifted off my shoulders and I feel like I can breathe again.  Thanks again. 

Highlighted
QuickBooks Team

How do I reconcile my checking account when I'm unsure of where the starting balance came from? Old imported Quicken data created the issue.

You're welcome, arwaters2.

 

I'm glad the steps and instructions for reconciling the account worked out fine.

 

Please feel free to post a question if you need help with QuickBooks. Have a good one!

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