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Dan1
Level 1

I'm trying to reconcile a bank account but the beginning balance does not match the statement. Is there any way to correct this amount without making a journal entry?

A bit of context: I've recently transitioned from QuickBooks Desktop to Online, and the previous reconciliation for this account was done on the Desktop version. The bank register in Online for the statement period matches all of the transactions as they appear in the Desktop register. None of my other bank accounts are having this beginning balance issue either. Appreciate any and all help in resolving this, thanks
1 Comment 1
Ryan_M
Moderator

I'm trying to reconcile a bank account but the beginning balance does not match the statement. Is there any way to correct this amount without making a journal entry?

Hi @Dan1,

 

I'm here to lend a hand and assist you with your bank reconciliation in QuickBooks Online (QBO).

 

The first step you can do is review the opening balance entry of the bank account.

 

Here's how: 

  1. Highlight the Accounting tab.
  2. Select Chart of Accounts.
  3. Search for the bank account, then tap the View register link on its right-hand side. 
  4. Locate the opening balance entry that's labeled Opening Balance Equity.
  5. Take note of the date and amount.

Continue this process by opening this article: Fix beginning balance issues during your first reconciliation in QuickBooks Online. Scroll down to Step 2: Compare the balance to your real-life account so you can proceed. 

 

In case you'd like to make changes in the opening balance in the future, take a look at this article: Edit an incorrect opening balance. The steps listed here are only for those accounts that you're not looking to reconcile yet. 

 

Feel free to leave a comment below if you have additional concerns. I'll be sure to get back to you. 

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