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Level 1

Reconciliation opening balance differs from account balance

Hello All,

 

We just upgraded to Quickbooks Desktop Mac 2020. When originally setting up our QB accounts in 2015, we entered opening account balances and have successfully reconciled our bank and credit card accounts each month. When reconciling, we always ensure the opening balance matches our bank statement and complete reconciliation only after the ending balances match.

 

This time, though, the opening balance showing in the reconciliation module is off by almost $30k. The balance sheet for that date, however, shows the correct bank balance. Any GL adjustment I make to fix the reconciliation opening balance offsets the correct account balance by the same amount. Is there a way to fix the opening balance without altering the account balance?

 

More details...

• ALL past Reconciliation Reports for this account reflect this $30k issue, despite that this was not an issue at the time of those reconciliations. Our FIRST reconciliation on 12/31/15 now reflects this discrepancy and there are no older transactions to blame that I can find.

• The Reconciliation Discrepancy report shows no historical discrepancies.

• The audit trail feature was previously disabled so that's not helpful.

• There are no single transactions I could find in that account that equal the discrepancy amount.

• I tried creating a Bank Transfer to move the $30k from the bank account to Shareholder Distributions, then perform a micro-reconciliation to apply this transfer to the account balance. The closing balance of the micro-reconciliation then matched the opening balance of the subsequent statement but then the actual account balance in the Chart of Accounts was off by $30k (I've since reversed this test transaction).

• I've run the QB Repair tool and it came up clean. 

• When looking at the account's register, there is a checkbox column that can be blank, a light checkmark or a bold checkmark. I assume this indicates whether the payment has been cleared but we don't manually manage this. It's possible that some of the checkmarks were clicked on while attempting to double-click on the line item to open transactions. I'm unsure whether these status checkmarks affect past reconciliations (if so, that's crazy dangerous).

 

Any tips? I'm racking up quite a bill with my CPA trying to figure this out and I've read all I can find on the topic. Please help if you can. Thanks.

Solved
Best answer September 02, 2020

Best Answers
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QuickBooks Team

Reconciliation opening balance differs from account balance

Hi there, @erroneous.

 

Allow me to share some insights on how to fix your balance in QuickBooks Desktop.

 

Opening balance are reconciled transactions in your Bank register. To help fix it, you'll have to manually change the transactions as Reconciled.

 

To do so, please follow these steps:

 

  1. Go to your Banking menu.
  2. Select Chart of Accounts.
  3. Choose your preferred account.
  4. Put a check mark under the Check column in line with the transactions to mark it as reconciled.

 

However, if you have an adjustment made as a Journal Entry, you'll need to mark this as Reconciled in order for the transaction to affect the Reconciliation Opening Balance.

 

Also, possibly that you've reconciled transactions that aren't supposed to be reconciled. Thus, I suggest reviewing them, and then marked as checked and unchecked when in doubt. 

 

To guide you in managing your books using QuickBooks Desktop for Mac, you may read topics in our QuickBooks for Mac user's guide

 

If you have other questions, don't hesitate to add a reply below. I'm always here to help. Stay safe. 

View solution in original post

2 Comments
Highlighted
QuickBooks Team

Reconciliation opening balance differs from account balance

Hi there, @erroneous.

 

Allow me to share some insights on how to fix your balance in QuickBooks Desktop.

 

Opening balance are reconciled transactions in your Bank register. To help fix it, you'll have to manually change the transactions as Reconciled.

 

To do so, please follow these steps:

 

  1. Go to your Banking menu.
  2. Select Chart of Accounts.
  3. Choose your preferred account.
  4. Put a check mark under the Check column in line with the transactions to mark it as reconciled.

 

However, if you have an adjustment made as a Journal Entry, you'll need to mark this as Reconciled in order for the transaction to affect the Reconciliation Opening Balance.

 

Also, possibly that you've reconciled transactions that aren't supposed to be reconciled. Thus, I suggest reviewing them, and then marked as checked and unchecked when in doubt. 

 

To guide you in managing your books using QuickBooks Desktop for Mac, you may read topics in our QuickBooks for Mac user's guide

 

If you have other questions, don't hesitate to add a reply below. I'm always here to help. Stay safe. 

View solution in original post

Highlighted
Level 1

Reconciliation opening balance differs from account balance

Thank you!

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