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? It's intended for QuickBooks Canada users but also works in your region.
To find the opening balance, you can follow these steps:
- Go to Accounting > Chart of Accounts.
- Click the View register link of the account you want to reconcile.
- 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.
- 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:
- Go to Accounting > Reconcile.
- Select the account you want to reconcile from the Account drop-down list.
- Check the Last statement ending date. Make sure your bank statement starts the day after your last reconciliation.
- 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.
- Enter the Ending balance and Ending date as they're written on your bank statement. Some banks call the ending balance a "new balance."
- 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.
