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Level 1

Quickbooks's Pro 2019 - manually adjusting beginning bank balance

How do I manually adjust in QuickBook's Pro 2019 desktop the beginning bank balance as it does not match the ending balance of my last reconciliation? 

 

The correct opening balance should be $1, 965.77 however it shows in QuickBooks an incorrect opening balance of -1, 604.32 - a negative number. What number in my bank register should I enter to correct this? Should it be a deposit or a check that must be written to fix this? 

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QuickBooks Team

Quickbooks's Pro 2019 - manually adjusting beginning bank balance

Hi, @magnetic grid.

 

I'd be delighted to help fix correct/manually adjust your beginning balance in the reconciliation window.

 

The beginning balance is incorrect due to the following reasons:

  • No balance or an incorrect balance was entered when the account was set up.
  • Previously cleared and reconciled transactions were voided, deleted, or modified.
  • The file was converted from a different version of QuickBooks.
  • Possible data damage.

To fix the incorrect balance, we can run several reports to find the transactions causing the discrepancy. We can open Reconcile Discrepancy report, the Audit Trail report, and the Previous Reconciliation report.

 

To correct the discrepancy, you may need to re-enter or edit the transactions. You can also undo a previous reconciliation and redo it or ignore the discrepancy and enter an offsetting adjustment.

 

Please do check this article for the detailed process and steps on how to fix the incorrect beginning balance: Zero or incorrect Beginning Balance in the Begin Reconciliation Window.

 

Also, you may contact your bank if the discrepancy is caused by a banking error that appears when your download or import transactions.

 

Feel free to post again if you have any other reconciliation concerns. Have a good day!

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Level 1

Quickbooks's Pro 2019 - manually adjusting beginning bank balance

Thanks Angelyn for all of the information. It looks like I will have to enter an offsetting adjustment. 

 

The correct opening balance should be $1, 965.77 however it shows in QuickBooks an incorrect opening balance of -1, 604.32 - a negative number. What number in my bank register should I enter to correct this? Should it be a deposit or a check that must be written to fix this? 

 

I really appreciate the help! 

 

Happy Thanksgiving! 

Highlighted
QuickBooks Team

Quickbooks's Pro 2019 - manually adjusting beginning bank balance

You're always welcome and thank you for getting back to us here in the Community, @magnetic grid.

 

What steps have you tried so far? To correct the opening balance or the ending balance of the previous reconciliation, you'll have to fix the previous reconciliation. You may need to undo and redo it and re-enter or edit the transactions causing the discrepancy.

 

You don't need to enter a deposit, a check, or any amount to fix the reconciliation discrepancy, however, we can ignore the discrepancy and allow QuickBooks to enter an offsetting adjustment. Although you didn’t get a zero difference, select Enter Adjustment to complete the reconciliation process. QuickBooks will automatically enter a Journal Entry under a special expense account called Reconciliation Discrepancies. You can check and edit it as needed by going to your Chart of Accounts.

 

You can use the Find feature, to locate the Journal Entry:

 

  1. Go to Edit at the top menu bar.
  2. Select Find.
  3. Go to the Advanced tab.
  4. Choose Memo from the filters.
  5. Type Balance Adjustment.
  6. Select Find and the balance adjustment will be displayed.

We can also view the Previous Reconciliation report:

 

  1. Go to Reports.
  2. Select Banking.
  3. Click Previous Reconciliation.
  4. If a balance adjustment was made, you will see a General Journal Entry at the top of the report under the Cleared Transactions section.

That would fix your reconciliation discrepancy. If you need further assistance with the process, you may reach out with our QuickBooks Support. They have extra tools to pull up your account securely and can generate screen sharing to check this further for you. To contact support:

 

  1. Go to: https://help.quickbooks.intuit.com/en_US/contact.
  2. Choose your QuickBooks Product.
  3. Select your QuickBooks version.
  4. On the Contact Us page, click a topic.
  5. Click on the Get Phone Number button to see the support number.

Stay in touch if you have any other concerns about bank reconciliation. Wishing you the best!

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Level 1

Quickbooks's Pro 2019 - manually adjusting beginning bank balance

Thank you again Angelyn! 

 

I ran a previous reconciliation discrepancy report and it is showing 5 deposits that I deleted that no longer apply or were not correct from the beginning. However, the amount of those 5 deposits comes to a negative amount of $ - 3, 750.09. The deposits were from various dates and amounts. 

 

So, I guess from your instructions, I can have QuickBooks automatically enter 1 Journal Entry or 5 different ones to correct the beginning balance issue so I can properly reconcile November's bank statement? 

 

My beginning bank balance for November's reconciliation is $ -1, 604.32 but it should

be $1, 965.77. 

 

 

Highlighted
Moderator

Quickbooks's Pro 2019 - manually adjusting beginning bank balance

We're glad to know you're able to go through running the Reconciliation Discrepancy report, magnetic grid.

 

I'm here to give some clarity to your concern about adjusting beginning bank balance in QuickBooks Desktop.

 

You got it right. QuickBooks automatically enter an offsetting adjustment via Journal Entry after selecting the Enter Adjustment. You can check the article about correcting beginning balance as provided above by my colleague @AngelynT. 

 

In case you need help from our live support, feel free to get in touch with our Care Support Team. The'll be able to guide you through the whole process of reconciling your bank.

Here's how you can reach them:

  1. Go to: https://help.quickbooks.intuit.com/en_US/contact.
  2. Choose your QuickBooks Product.
  3. Select your QuickBooks version.
  4. On the Contact Us page, click a topic.
  5. Click on the Get Phone Number button to see the support number.

Fill me in for any questions you may have when working with reconciliation in QuickBooks. I'd love to offer additional help.

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