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Waldo69
Level 2

Opening balance equity error preventing reconciliation of the account

Hi, 

 

My QB Online balance doesn't match the bank's balance. I'd like to reconcile the account to resolve the issue but the opening balance equity doesn't match so I receive an error message and I am unable to run a reconciliation. In a previous thread, I was instructed to used the gear icon to access the chart of accounts, opened the account registry, and remove the "R" on all transactions to undo any previous attempts at reconciling the account. I did that and change all transactions to "C." I selected "C" because that is the status assigned after categorizing a transaction. 

 

Unfortunately, this did not resolve the issue and I still have an opening balance problem. The software shows I have an unfinished reconciliation from April of last year, and I have no idea where the opening balance is being pulled from by the software.

 

I did go back to correct the start date of the account in hopes of resetting the starting balance, but that had no impact on the issue.  I've attached two screenshots that I hope will help find and resolve the issue. The first shows the error message, and the second shows the opening balance equity from the registry.  

 

Thank you

 

 

Solved
Best answer April 05, 2021

Best Answers
MadelynC
Moderator

Opening balance equity error preventing reconciliation of the account

I’ve got you covered, @Waldo69.


There can be several reasons why your QuickBooks balance doesn't match what you see in your bank account. You’ll need to review and verify what might be causing this discrepancy.


Here’s a list of possible reasons why these balances don’t match:

 

  • Outstanding transactions
  • New transactions for a connected account
  • Duplicate transactions
  • Edited or deleted transactions


Depending on the factor that’s mentioned above, there are some instructions to resolve the issue. You can check this reference on how to fix differences between QuickBooks balance and Bank balance.


Please note that no balances should remain in the Opening Balance Equity account once it's completely set up.


QuickBooks provides a simple process to reconcile your bank balance to reflect the real numbers. I’ve added this guide about reconciliation to make sure everything is accurate.


I’ll be here anytime to assist if you have additional questions about account balances and reconciliation. Have a good one!

View solution in original post

1 Comment 1
MadelynC
Moderator

Opening balance equity error preventing reconciliation of the account

I’ve got you covered, @Waldo69.


There can be several reasons why your QuickBooks balance doesn't match what you see in your bank account. You’ll need to review and verify what might be causing this discrepancy.


Here’s a list of possible reasons why these balances don’t match:

 

  • Outstanding transactions
  • New transactions for a connected account
  • Duplicate transactions
  • Edited or deleted transactions


Depending on the factor that’s mentioned above, there are some instructions to resolve the issue. You can check this reference on how to fix differences between QuickBooks balance and Bank balance.


Please note that no balances should remain in the Opening Balance Equity account once it's completely set up.


QuickBooks provides a simple process to reconcile your bank balance to reflect the real numbers. I’ve added this guide about reconciliation to make sure everything is accurate.


I’ll be here anytime to assist if you have additional questions about account balances and reconciliation. Have a good one!

View solution in original post

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