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swiftrivermeghan
Level 1

I incorrectly entered the ending balance in the previous month's reconciliation so now the beginning balance for next one is wrong. How do I fix it?

I manually adjusted the previous month's reconciliation amount by -1.17 so it would match based on transactions I'd excluded, but it just messed everything up. I've gone back and added in the excluded transactions, but now I can't figure out how to correct the ending balance in the month I just reconciled so it's correct going forward.
4 Comments 4
ShiellaGraceA
QuickBooks Team

I incorrectly entered the ending balance in the previous month's reconciliation so now the beginning balance for next one is wrong. How do I fix it?

You can edit the opening balance of your current reconciliation to fix this, @swiftrivermeghan.

 

Before you edit, make sure to review and compare the balance to match with your real-life account. Once you're done, you can edit the opening balance by following these steps.

 

  1. In QuickBooks, go to Accounting then select Chart of Accounts.
  2. Look for the opening balance entry and expand the view.
  3. In the Deposit column, Edit the balance so it matches your bank records.
  4. Click Save.

 

Want for details? Check out these guides below:

 

 

Additionally, you can invite your accountant to undo an entire reconciliation in just a few clicks. Refer to this article for more information: Undo a client’s reconciliation in QuickBooks Online Accountant.

 

 

I'll be adding this link here in case you need help with other QBO tasks. Just look for topics that suit your concern.

 

Keep me posted if you still have questions or concerns with your account balance. I'm always here to help. Take care and have a great weekend.

swiftrivermeghan
Level 1

I incorrectly entered the ending balance in the previous month's reconciliation so now the beginning balance for next one is wrong. How do I fix it?

I don't know how to explain this so that it's clear what the problem is.  It is NOT the opening balance that is the issue.  It's that I reconciled April 2020 and input the wrong ending balance in the reconciliation screen, thinking that would correct the $1.17 difference of the excluded transactions, which it did when I went on to April 2020's reconciliation, but then it just carried the wrong balance into May's reconciliation.  So now on the reconciliation screen for May 2020, it shows that the last statement reconciled was April 2020 and the opening balance (which I can't seem to edit anywhere) is off by the $1.17.

 

I have since gone back and included the 2 excluded deposits into April's QBO, and went in and changed the register to have those 2 transactions marked with an R, and the Reconciliation screen now shows an error that says:

 

"Your account isn't ready to reconcile yet.

Your beginning balance is off by $1.17. We can help you fix it."

 

I try to go through those steps to fix it but can't seem to find anywhere that allows me to edit the Beginning Balance for May's statement or the ending Balance for April's statement so that it's correct.

 

The attached screenshot shows the highlighted value that I'm trying to correct.  Where/how do I do this?

swiftrivermeghan
Level 1

I incorrectly entered the ending balance in the previous month's reconciliation so now the beginning balance for next one is wrong. How do I fix it?

I don't know how to explain this so that it's clear what the problem is.  It is NOT the opening balance that is the issue.  It's that I reconciled April 2020 and input the wrong ending balance in the reconciliation screen, thinking that would correct the $1.17 difference of the excluded transactions, which it did when I went on to April 2020's reconciliation, but then it just carried the wrong balance into May's reconciliation.  So now on the reconciliation screen for May 2020, it shows that the last statement reconciled was April 2020 and the opening balance (which I can't seem to edit anywhere) is off by the $1.17.

 

I have since gone back and included the 2 excluded deposits into April's QBO, and went in and changed the register to have those 2 transactions marked with an R, and the Reconciliation screen now shows an error that says:

 

"Your account isn't ready to reconcile yet.

Your beginning balance is off by $1.17. We can help you fix it."

 

I try to go through those steps to fix it but can't seem to find anywhere that allows me to edit the Beginning Balance for May's statement or the ending Balance for April's statement so that it's correct.

 

The attached screenshot shows the highlighted value that I'm trying to correct.  Where/how do I do this?

ChristieAnn
QuickBooks Team

I incorrectly entered the ending balance in the previous month's reconciliation so now the beginning balance for next one is wrong. How do I fix it?

Hi there, swiftrivermeghan.

 

Thank you for coming back to QuickBooks Community to add additional information about editing Beginning Balance for May's statement or the ending Balance for April's statement. 

 

Currently, there's no option to directly edit the Beginning Balance for May's statement. You can reach out to your accountant and check if they have a QuickBooks Online Accountant (QBOA) account. This way, they can undo multiple reconciled transactions to fix the beginning balance for May and the ending balance for April. For additional information on how to undo a reconciliation using QuickBooks Online Accountant, you can provide this article to your accountant to see the detailed steps: How to undo a reconciliation using QuickBooks Online Accountant.

 

Once done, you can reconcile your previous statements so they always match your bank and credit card transactions and to avoid discrepancies. To see the detailed steps, you can click this article: Reconcile an account in QuickBooks Online

 

I'm also adding this article to see different information on how you can fix any issues about reconciliation and how it works in QuickBooks: Learn the reconcile workflow in QuickBooks.

 

Feel free to add a comment below if you have any other reconciliation concerns. Wishing you continued success!

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