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Level 1

Incorrect Beginning Bank Balance

Hello, 

 

I have an issue with an incorrect beginning bank balance. 

The bank was previously correctly reconciled up to June 30, 2019. During the July 31, 2019 reconciliation, the beginning balance was out by $7467.30 due to a journal entry being deleted. On top of that, whoever completed the July 31, 2019 rec entered the beginning balance of the statement into the ending balance of statement. 

I have gone an undone the July and the June 2019 reconciliations but my beginning balance is still out and the amount it is out by is $97,454.48. 

 

Can someone provide some insight on how to correct the bank balance to correctly reconcile moving forward?

 

Thanks in advance.

 

2 Comments
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QuickBooks Team

Incorrect Beginning Bank Balance

I can help you fix this beginning balance, @bryanna4494

 

You can correct this bank balance by recreating the deleted, voided or changed the amount of a previously cleared transaction that caused the discrepancy. 

 

To help you find these transactions, run the Reconcile Discrepancy report and Previous Reconciliation report

 

Run the Reconcile Discrepancy report:

  1. Go to the Reports menu and the Banking and select Reconciliation Discrepancy.
  2. Choose the account and click OK.
  3. Use this list of transactions to identify the transaction(s) causing the problem.
  4. If you find a discrepancy, take note of the date when the transaction occurred and the entered/last modified date when the change occurred.

This report provides a list of transactions that were changed since the last reconciliation.

 

Run a Previous Reconciliation report:

  1. Go to the Reports menu and the Banking and select Previous Reconciliation.
  2. Select the account, set the statement ending date, and click Display.
  3. Compare this report to past statements from your financial institution and look for differences.

Here's more information on how to fix the issues you've encountered when reconciling your account: Fix issues when you're reconciling in QuickBooks Desktop

 

Let us know if there's anything that you need. We're always here to help you in reconciling your account. 

Highlighted
Level 1

Incorrect Beginning Bank Balance

Thanks for this. I found that it was actually due to a payment being reported more than was actually received. 

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