Question

How do I change the beginning amount when reconciling?

Forum|Forum|7 years ago
January 23, 2019
1 reply
11 views

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QuickBooks Online

Kristine Mae

Moderator

I've got your back, k-wright-aps.

Let's get the beginning balance changed/corrected.

If the account has never been reconciled, here's how you can change it:

Click Accounting, then choose Chart of Accounts.
Look for the bank account, click the View register drop-down arrow, then choose Edit.
Change the amount in the Balance field, then click Save and Close.

If it has been previously reconciled, here are the most common causes of the discrepancy:

A previously reconciled transaction is deleted.
A reconciliation status is changed in the register.
The opening balance is incorrect.

You can check this article for the steps on how to fix it: Make an incorrect reconcile opening balance match the bank statement.

I'm just around if you need more help. Just tag me and I'll get back to you as soon as I can.

J

Jwest27

I have an older version of quickbooks. It’s quickbooks 2017. Do you have instructions how to change your beginning balance in reconciliation for that version?

I

Ivan_G

Moderator

@Jwest27 The instructions from @Kristine Mae apply in general, just small differences.

For instance, you would use the menu path of List>Chart of Accounts rather than Accounting>Chart of Accounts.

In short, you don't change the beginning balance in the reconciliation window directly.

You do change whatever caused the beginning balance to become incorrect.

I've got the steps for modifying the beginning balance in QuickBooks Desktop (QBDT), Jwest27. I'm delighted to walk you through the procedures.

What FishingForAnswers mentioned is correct. You can't directly change the beginning balance of the reconciliation. To handle this, you'll need to check what's causing the incorrect balance and fix it according to the method that suits you best. You can pull up the Reconcile Discrepancy, Audit Trail, or Previous Reconciliation reports to locate transactions that impacted your beginning balance.

After that, you can proceed with correcting the discrepancy. In this case, you might need to edit or re-enter the transactions that affected your balance. You can use either of the following options below to fix this issue.

The first option is to undo the previous reconciliation and redo it. Please know that it's best to seek assistance from an accounting professional to ensure accurate records in your QuickBooks.

Store a copy of your QBDT company file.
Go to the Banking menu and select Reconcile.
Pick the Undo Last Reconciliation option and select Continue from the Undo Previous Reconciliation prompt.
Hit OK and close the Reconciliation page.
Re-renter or edit transaction(s) and then redo the reconciliation.

Option 2: Ignore the discrepancy and let QBDT enter an offsetting adjustment:

Navigate to the Banking menu and select Reconcile.
Choose the Account and enter an Ending Balance.
Fill out the rest of the page and click Continue.
Hit Reconcile Now, and select Enter Adjustment from the Reconcile Adjustment prompt.
Once done, QuickBooks will generate a journal entry and designate it to the expense account called Reconciliation Discrepancies.

For additional reference about correcting beginning balances, please review this link: Fix beginning balance issues in QuickBooks Desktop.

You may also check this article to learn how to review and manage your cash flows in QBDT. Doing so lets you produce your much-needed expense or sales data by utilizing your reports.

You're always welcome to drop by again on this thread if you have more questions about handling beginning balances or need assistance managing your transactions or reports in QuickBooks. I'll be here and ready to help you in any way.

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