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I started quickbooks with January first. Quickbooks beginning balance for payal is $ 0 when I reconcile. the PayPal statement says - $15.36 . How do I adjust that?

 
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Best answer 02-18-2019

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QuickBooks Team

Re: I started quickbooks with January first. Quickbooks beginning balance for payal is $ 0 when I...

Hello, @davido.

 

Thanks for the prompt response and letting me know the outcome of the steps given by @Anonymous. I’m here to help adjust and reconcile your PayPal account. 

 

You can fix the incorrect beginning balance using a Journal Entry. Here’s how:
1.    Go to the Plus icon and select Journal Entry.
2.    Enter a Journal date.
3.    Under the first Account column, select Paypal.
4.    Enter 15.36 under the Credits column.
5.    On the second Account column, select Opening Balance Equity and the amount will automatically fill in the Debits column.
6.    Hit Save and close.

 

 

 

Once done, you can resume reconciliation since the beginning balance in QuickBooks should now match with what’s showing on the statement.

 

Another way to do this is to enter an expense transaction with a negative amount. Here’s an article that tackles more about this: Know more about the expense page.


This information should get you back in line. Please let me know if you have any questions or clarifications, I’ll be here to answer them for you. Thanks for coming to the Community and take care!

8 Comments
Anonymous
Not applicable

Re: I started quickbooks with January first. Quickbooks beginning balance for payal is $ 0 when I...

Hey there, @davido,

 

I appreciate your time checking this with us. Let's make sure you're able to complete your reconciliation.

 

If your beginning balance in QuickBooks Online account do not match with your bank statement, we can correct that by editing your account in the Chart of Accounts. Here's how:

 

  1. Click the Accounting menu.
  2. Find the account you need to reconcile in the Chart of Accounts page.
  3. Select View register from the Action column.
  4. Verify your account's opening balance. Edit the opening balance is it's incorrect. If haven't entered the the opening balance, you'll need to enter it.

Once you're done, you can now resume the reconciliation. You can do that by following the steps below:

  1. Go to the Gear icon.
  2. Choose Reconcile.
  3. Enter the Ending balance and the Ending date.
  4. Select Start reconciling.

However, if you're still unable to fix the balance, follow the remaining steps outlined in this article.

 

That should rectify the reconcile issue, @davido. Please let me know how it goes. I want to ensure you can get your work done. Have a nice day!

Super Explorer *

Re: I started quickbooks with January first. Quickbooks beginning balance for payal is $ 0 when I...

The opening balance is   - $ 15.36 and it doesn' t allow me to enter a negative opening balance 

QuickBooks Team

Re: I started quickbooks with January first. Quickbooks beginning balance for payal is $ 0 when I...

Hello, @davido.

 

Thanks for the prompt response and letting me know the outcome of the steps given by @Anonymous. I’m here to help adjust and reconcile your PayPal account. 

 

You can fix the incorrect beginning balance using a Journal Entry. Here’s how:
1.    Go to the Plus icon and select Journal Entry.
2.    Enter a Journal date.
3.    Under the first Account column, select Paypal.
4.    Enter 15.36 under the Credits column.
5.    On the second Account column, select Opening Balance Equity and the amount will automatically fill in the Debits column.
6.    Hit Save and close.

 

 

 

Once done, you can resume reconciliation since the beginning balance in QuickBooks should now match with what’s showing on the statement.

 

Another way to do this is to enter an expense transaction with a negative amount. Here’s an article that tackles more about this: Know more about the expense page.


This information should get you back in line. Please let me know if you have any questions or clarifications, I’ll be here to answer them for you. Thanks for coming to the Community and take care!

Super Explorer *

Re: I started quickbooks with January first. Quickbooks beginning balance for payal is $ 0 when I...

Thank you very much @KhimG, the journal entry worked great.  I also refreshed the accounts. P

PayPal register is updated with the $ -15.36 but when I go to reconcile it is still $ 0.00 instead of the $ -15.36

screeenshot attached

QuickBooks Team

Re: I started quickbooks with January first. Quickbooks beginning balance for payal is $ 0 when I...

It’s nice to see you again in the Online Community, @davido.


Thanks for following the resolution steps provided by @KhimG. Allow me to join the conversation and clarify why on the Reconciliation page it still shows as $0.00.


When reconciling for the first time, QBO will always follow the account balance that was entered in the setup process. Since no amount was entered while creating the PayPal account, the beginning balance will automatically show as 0.


Once you reconcile PayPal, the total amount of all reconciled transactions will be the beginning balance on your next reconciliation. I'm adding an article that covers everything you need to know about reconciling in QBO: Reconcile hub.

 

The information I provided should help you moving forward.


Stay in touch if you have any questions about QBO. I'm always here to help make running your business more simple. Have a good one.

 

Super Explorer *

Re: I started quickbooks with January first. Quickbooks beginning balance for payal is $ 0 when I...

We are doing our own accounting. So if anyone else has a suggestion,  please  let us know. 

QuickBooks Team

Re: I started quickbooks with January first. Quickbooks beginning balance for payal is $ 0 when I...

Hi there, Davido.

 

Here are some possible reasons why the beginning balance is not matching with the bank statement:

  • A previously-reconciled transaction was deleted.
  • The amount or account of a previously-reconciled transaction was changed.

To check if there are transactions deleted, you can run the Audit Log by following these steps:

  1. Click Gear icon located in the upper right-hand corner.
  2. Under Tools, click Audit Log.
  3. Click the Filter drop-down list, choose All Users from the User drop-down list.
  4. Choose the Date, and select Transaction under Events.
  5. Select Deleted/Voided Transactions from the Show drop-down list.
  6. Click Apply.

If there are transactions that were deleted but should be included on the reconciliation, you can re-create them. Then, try to reconcile your account again.

 

You can also check this article for other solutions: Fix An Opening Balance To Match A Bank Statement.

 

Please let us know if you need more help with QuickBooks. Thanks.

Super Explorer *

Re: I started quickbooks with January first. Quickbooks beginning balance for payal is $ 0 when I...

I tried the entering the opening balance with a $ 15.36 expense. Deleted the journal entry from before and it worked now. Thank you everyone!!

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