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jreynolds
Level 1

I'm reconciling my bank account for the first time and the opening balance is incorrect on the reconciliation page. How can I correct this?

 
Solved
Best answer January 27, 2019

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Regina_Lend_A_Hand_Accounting
Level 9

I'm reconciling my bank account for the first time and the opening balance is incorrect on the reconciliation page. How can I correct this?

1. Check for an Opening Balance Equity entry that may have been created when you first connected your account, edit accordingly

2. Make sure there are no missing transactions, and if so, import them into your bank feed, categorize and add them to the account register to be reconciled

3. Make sure you reconcile month-over-month beginning with the first month there are transactions in the register

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4 Comments 4
Regina_Lend_A_Hand_Accounting
Level 9

I'm reconciling my bank account for the first time and the opening balance is incorrect on the reconciliation page. How can I correct this?

1. Check for an Opening Balance Equity entry that may have been created when you first connected your account, edit accordingly

2. Make sure there are no missing transactions, and if so, import them into your bank feed, categorize and add them to the account register to be reconciled

3. Make sure you reconcile month-over-month beginning with the first month there are transactions in the register

jreynolds
Level 1

I'm reconciling my bank account for the first time and the opening balance is incorrect on the reconciliation page. How can I correct this?

Thanks.  This has been resolved now.

mistyeilert1
Level 1

I'm reconciling my bank account for the first time and the opening balance is incorrect on the reconciliation page. How can I correct this?

Hi Regina.  I just migrated our account from QBD to QBO.  I am lost as to where to even begin.  I've watched a lot of tutorials and still am overwhelmed.  I thought I would start with making sure our account is reconciled.  We I attempt to do this, there are transactions all the way back to 2016.  I had already reconciled manually my December 2022 statement.  Is it possible to use that ending balance as my beginning balance and start fresh in 2023?  

ZackE
Moderator

I'm reconciling my bank account for the first time and the opening balance is incorrect on the reconciliation page. How can I correct this?

Welcome to the Community, mistyeilert1.
 

To properly identify if you should use your December 2022 ending balance as the current reconciliation's beginning balance, I'd recommend working with an accounting professional. If you're in need of one, there's an awesome tool on our website called Find a ProAdvisor. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.
 

Here's how it works:

 

  1. Go to our Find a ProAdvisor page.
  2. Use the City or ZIP search field to specify a location.
  3. Select Find a ProAdvisor.
  4. Browse through your results and find one that works best for the business. You can click on each ProAdvisor's profile to learn more information about them.

 

Once you've found an accountant, they can be contacted through their Send a message form:
 

  1. Use the available text box to introduce yourself. Be sure to include details about which services you're looking for.


     
  2. Enter your appropriate info in the Your nameYour email, and Your phone number (optional) fields.


     
  3. Hit Send message.

 

I've also included a couple detailed resources about reconciling which may come in handy moving forward:
 

 

Please feel welcome to send a reply if there's any additional questions. Have a great day!

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