Update the beginning balance to reconcile. It's wrong.

Thanks for reaching out to us, Islandlife. Let me guide you through updating your opening balance to correct your beginning balance issues in QuickBooks Online (QBO).

If you're reconciling an account for the first time and the beginning balance is off, don't worry. Issues like this are caused by an incorrect opening balance. To resolve this, we can double-check and update it in QBO. Here's how:

1. Go to the Gear icon and select Chart of Accounts.
2. Locate the account and click View Register.
3. Find the Opening balance entry. To streamline the process, sort the Date column to show the oldest entries first.
4. Click the Opening balance entry.
5. Edit the amount under the Deposit column. If needed, click Edit to make your changes.
6. Select Save.

I'll share this article for more information: Fix issues the first time you reconcile an account in QuickBooks Online.

However, if your opening balance is correct, refer to this link for added troubleshooting steps: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

Moreover, QBO automatically creates a reconciliation report every time you finish reconciling.

Keep me updated if you have further concerns about updating your opening balance in QBO. The Community is here to offer assistance. Stay safe.

Did not work.  No "opening balance" entry.  Even did CTRL F to make sure I wasn't missing it.  Sigh.

Allow me to help you troubleshoot the issue you are facing with your beginning balance, islandlife727.

The opening balance is the starting balance when you start tracking transactions and can be done during account creation or can be entered at later time through Journal Entry (JE). While the beginning balance is the amount in the account at the beginning of the time period they're reviewing. This is also the ending balance of the previous month you reconciled.

To fix this, you can review the original opening balance as the opening balance is the starting point for accounts in QuickBooks. If it’s incorrect, it affects all future reconciliations.

Moreover, make sure you're reconciling the correct account for the correct month:

1. Go to Transactions, then select Reconcile.
2. Select the account that you want to reconcile from the Account dropdown.

If you have multiple accounts at the same bank, or more than one account of the same type, make sure you're reconciling the right one.

For more information and steps to fix this, you can refer to this article: Fix issues for accounts you've reconciled in the past in QuickBooks Online

Furthermore, you can check out this article to learn how to review your beginning balance and look for issues for accounts you haven't reconciled before: Fix issues the first time you reconcile an account in QuickBooks Online

Once the beginning balance is entered, you can start reconciling your account. 

If you have any further questions about beginning balances in QBO, please do not hesitate to contact us anytime. The Community is always available to help you. 

Hi Jelayca V :

Thank you for your time and note.   I did create a new account and it was separate from the account I'm trying to reconcile (change the beginning balance on), so didn't understand how it was going to affect the other account balance I wanted to change.  So, I thank you for your note and instructions but I remain confused on how to change the balance and not sure about doing a journal entry either.  I probably need to speak to someone at QB but when I call or chat, literally 95%+ of the time the person I speak to doesn't know how to correct my issue, so I hesitate to call or chat - which is the same result.  Still would love some help. I would love to talk with someone who knows how to help.

Hi there, islandlife727. I see all the efforts you've put in to fix your beginning balance. Let's work together to resolve this.

Before anything else, the steps provided above are specific to fixing the opening balance entry. 

Please know that the opening balance is the starting balance when you create your account. On the other hand, the beginning balance is the amount in the account at the beginning of the period you're reviewing. 

Meanwhile, there's no direct option to edit the beginning balance, but here's what we can do to fix it.  

First, review the original opening balance and make sure it's correct since this is the starting point for accounts in QuickBooks. If it's incorrect, it can impact all future reconciliations.

Second, check your bank statement. If you have multiple accounts at the same bank or more than one account of the same type, ensure you're reconciling the right one.

1. Hover to Transactions, then select Reconcile 
2. Select the account that you want to reconcile from the Account dropdown.

If your account is connected to online banking, match and categorize your downloaded transactions before you start reconciling. You'll need to categorize everything to get your final correct beginning balance.

To proceed with the following steps, kindly visit this article: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

Furthermore, you can contact our QuickBooks Online support for guidance on the steps I have outlined above. Please do not hesitate to reach them for any assistance you may require.

Once you're beginning balance is correct, you can start reconciling your account. I'll add these helpful articles for future reference: 

• Learn the reconcile workflow in QuickBooks
• Reconcile an account

I'm still around to help you if you need assistance regarding your beginning balance. You can use the reply button below to enter your queries. 

Hi ShyMae:

My confusion is that in regard to checking the opening balance, all previous months are reconciled. If I could only change the Beginning Balance for January 2024, the account would be reconciled to the penny.  I may have to speak with someone.  

Hi there, islandlife727.

I appreciate your effort in following the steps my colleague provided to fix your opening balance. Let me share the info and direct you to the best help possible.

Someone edited, deleted, moved, or unreconciled an already reconciled transaction. This changes the ending balance of your last reconciliation, which impacts the beginning balance of the next one. Feel free to read this article for more info: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

With that in mind, I recommend reviewing your bank transaction. If you haven't seen one, I suggest contacting QuickBooks Online 9QBO) Care Team to help you look for the root cause of the issue: 

1. Sign in to your QuickBooks Online company.
2. Select Help (?).
3. Select either tab to get started:
   • Assistant: Get quick, personalized answers. Select a suggested option, or type a question or topic you need help with. If you decide you need further help, you can still Talk to a human.
   • Search: Search the QuickBooks Online knowledge base directly, or select Contact Us and choose a way to connect with us:
     • Start a chat with a support expert.
     • Get a callback from the next available expert.

If you want to automatically categorize your bank transactions, you can read this article: Set up bank rules to categorize online banking transactions in QuickBooks Online.

For additional banking-related concerns, leave a comment below. I'll be willing to help. Keep safe and have a good one.

For those who are experiencing the same issue, here is the video that helped me to fix this issue:

https://www.youtube.com/watch?v=Fg9V0gvZmC4

This is incorrect, when you go to CHarter of account, and select an account, the only choice is a button "View Register" which gives you a list of all transaction but no access to the opening balance. Please provide with correct detailed steps how to change the opening balance of an account

It's a pleasure to help you find a solution to your concern about finding the Opening balance equity in Chart of Accounts. Possible, the reason you can't go through with the steps provided above in this thread it's that you haven't entered opening balance before. I'll guide you with the steps, JM147.

The opening balance is the initial amount in an account, recorded at freshly-made account or later via Journal entry and, here's how to do it:

1. Click + New.

2. Select Journal entry.

3. Select a date that is earlier than the first transaction recorded in the account to set up the opening balance date.

4. In the first row under Account, select from the dropdown that you need to have an Opening balance equity.

5. Add details in the description to have notes with this transaction.

6. In the second row under Account, select from the dropdown, Opening balance equity.

7. Ensure you refer to your bank statement to avoid any errors. If done, click Save and Close.

After following those steps above, you'll need to mark the Journal entry as reconciled. It's to prevent from appearing on your future reconciliation, please read the 3rd step of this article: What to do if you didn't enter an opening balance in QuickBooks Online.

I'll also have two articles on how to edit an opening balance if you encounter any errors before doing reconciliation, and to gain more insights doing reconciliation.

•  Enter and manage opening balances in QuickBooks Online.
•  Reconcile an account in QuickBooks Online.

If you're looking for a little extra support in managing your accounts, our QuickBooks Live Bookkeeping Expert Assisted is here to help. They love to share their best tips from years of experience handling customer.

To have the recorded opening balance in our QBO account is essential to all transactions that we make as it gives accurate and efficient bookkeeping. Kindly, reply below if you have other confusion. The Community is here to help answer questions efficiently.