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Level 1

Cleared Balance Not Correct When Starting Reconciliation

I am trying to reconcile a credit card account.  The first month had two transactions totaling $67.18 and no payment.  I reconciled that month, and went on to the next one.  Confirmed the opening balance is correct ($67.18) and entered the closing balance.  I press Continue, and begin clearing the transactions, when I realize that the Cleared Balance when I started this month is not zero, but is the $67.18.  Only one month has been done and it was as simple as can be, so there are no mistakes. I pressed the Unmark All button in case something was cleared that I didn't intend. I tried the various utilities, etc and looked for reconciliation discrepancies, with no luck.  I cannot figure out why the Cleared Balance is not starting at zero! .  I even started the company over again, with a brand new file and got the same results. 


Can someone here tell me why this may be happening and what to do about it? An adjusting entry may be in order, but I don't want to do that unless absolutely necessary.


As an aside, I did use a .qbo file to upload the transactions.  Could there be an error in it someplace?

Thank you.   

1 Comment 1
QuickBooks Team

Cleared Balance Not Correct When Starting Reconciliation

I appreciate the detailed information and screenshot you've shared, @BevPayne.


There may be transactions that were cleared from your bank register that's why the Cleared Balance isn't starting at zero. Let me provide some information about the Cleared Balance and help you from there.


The Cleared Balance refers to all transactions in the account register with a cleared status. And that will be every transaction that had a cleared status before you began the reconciliation and which qualified for (appears in) the reconcile.


Every transaction that gets a checkmark added or removed during the reconcile will change the Cleared Balance by the amount of the transaction.


To reconcile your account successfully, you'll have to select those transactions that haven't cleared yet to fix the difference.


You might want to read this article to know more about the reconciliation workflow: Learn the reconcile workflow in QuickBooks.


Keep in touch if you need further assistance with this, or if there's anything else I can do for you. I've got your back. Have a good day.

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