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samantha-pletche
Level 1

My Beginning balance is not correct under reconciling. We just transfered everything from the desktop version where everything does match. I don't know where to begin

 
1 Comment 1
Rea_M
Moderator

My Beginning balance is not correct under reconciling. We just transfered everything from the desktop version where everything does match. I don't know where to begin

Welcome to the online version of QuickBooks, @samantha-pletche. I'm here to ensure you're able to correct your beginning balance amount. This way, you can successfully reconcile your account and make sure it's updated.

 

Here are some of the possible reasons your beginning balance isn't correct:

  • Entered an incorrect opening balance when you created the account in QuickBooks.
  • Adds transactions that are older than the opening balance. Then, doesn't edit the original entry to reflect the change.
  • Missing or duplicate transactions may affect the opening balance. (Applicable for the account that's connected to online banking)

 

Based on your description of the issue above, it seems that this will be your first time reconciling your account in QuickBooks Online (QBO). When your beginning balance is incorrect, this is probably due to your opening balance information. Your opening balance needs to match your real-life bank account. 

 

To correct your beginning balance, you'll have to review your opening balance entry, compare it to your real-life account, and check your account register. Let me guide you how.

 

The first step is to review your opening balance entry. This way, you can double-check what you entered and make sure you've recorded it accordingly. Here's how:

  1. Go to the Accounting menu.
  2. Select Chart of Accounts.
  3. Find the account on the list.
  4. Click View register under the Action column.
  5. Search for the opening balance entry. It should have an “Opening Balance Equity” in the Account column.
  6. Make a note of the date and balance.

 

I've attached screenshots below that show the first five steps.

 

After that, you need to compare your opening balance to your real-life account and review your register. For the step-by-guide in completing these processes, kindly refer to this article's Step 2 to 3 sections: Fix beginning balance issues during your first reconciliation in QuickBooks Online.

 

Once everything is all set, you can start reconciling your account again. I'd recommend performing the said process every month. With this, you'll be able to detect errors and monitor the growth of your business. You can check out this article for the complete details: Reconcile an account in QuickBooks Online. It also includes information about editing completed reconciliations.

 

Please let me know if you have other concerns. I'm just around to help. Take care always.

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