cancel
Showing results for 
Search instead for 
Did you mean: 
khaynes
Level 1

I'm not sure how but I have the wrong beginning balance on my reconcile sheet and I don't know how to go back and change it

This is for the last statement ending date of 2/28/2022
1 Comment 1
KurtKyle_M
QuickBooks Team

I'm not sure how but I have the wrong beginning balance on my reconcile sheet and I don't know how to go back and change it

I've got your back, @khaynes and thank you for posting this here in the Community. I'll help you with your concern so you can proceed to correct your beginning balance in QuickBooks Online (QBO).
 
The wrong or incorrect beginning balance in your reconciliation sheet are caused by an incorrect opening balance when you it set it in QuickBooks Online. You'll need to ensure that your opening balance is correct since this will also affect the result of your reconciliation.
 
If you've entered an incorrect opening balance, here's how you can edit it:
 
  1. Go to the Gear icon and select Chart of accounts.
  2. Locate the account and select View register.
  3. Find the opening balance entry. Sort the date column to show the oldest entries first.
  4. Select the opening balance entry.
  5. Edit the date, then the amount. If needed, select Edit to make your changes.
  6. Select Save.

 

A reminder, you'll have to unreconcile the transaction first, before you can correct the amount. Here's how to unreconcile a transaction:
 
  1. Go to  Accounting, then select Chart of accounts (Take me there).
  2. Find the account that has the reconciled transaction. Then select View register.
  3. Locate the transaction. If the transaction is reconciled, you’ll see an “R” in the checkmark column.
  4. Select the transaction to expand the view.
  5. In the checkmark column, select the box with the “R” until the box is blank. This removes the transaction from the reconciliation.
  6. Select Save.
  7. Close the account register

 

You'll then input the correct opening balance and then proceed to reconcile it.Feel free to visit this article to know more about managing your opening balance in QuickBooks Online: Enter and manage opening balances in QuickBooks Online.
 
In case you can't find an opening balance account in your account register, you'll have to create a journal entry to get this sorted out. To begin, here's how:
 
  1. Go to the +New button.
  2. Select Journal entry under Other.
  3. Enter a date that comes before the oldest transaction in the account. This will be the opening balance date.
  4. On the first line from the Account drop-down menu, select the account you want to enter the opening balance for.
  5. We recommend adding a note in the Description field so you know what the journal entry is for.
  6. On the second line from the Account drop-down menu, select Opening Balance Equity.
  7. Use your bank statements to enter the opening balance. Enter the balance of your real-life account for the date you picked as the opening balance.
  8. Enter the debits and credits based on the type of account you entered on the first line.

 

You'll then want to check the reconcile sheet again.
 
I also recommend, reviewing your ending balance if it's correct. In case it's still incorrect, you can refer to this article to get this sorted out : Fix issues the first time you reconcile an account in QuickBooks Online.
 
You can also reach out to your accountant to get this fix. They have a special reconciliation tool that can undo several transactions on a past reconciliation, or an entire reconciliation so you can get a fresh start.
 
In addition, I've got you this article in case you'd like to print or export a reconciliation report:How do I view, print, or export a reconciliation report?
 
If there's anything else that you'd like me to help you with, let me know by clicking the REPLY button below. Rest assured, I'll be here to assist you. Take care and have a good one!

Need to get in touch?

Contact us
Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up