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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
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

7 Comments
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

Level 1

Reconciliation opening balance differs from account balance

Thank you!

Level 2

Reconciliation opening balance differs from account balance

I have same problem as user named erroneous but am on Desktop Pro 2020 (for PC not MAC). My QB check register balance is correct and matches the actual bank balance but the Reconciliation Opening Balance is wrong. It relates to a deposit transaction my tax accountant deleted in the prior year while trying to fix an overpayment. The deposit is reflected correctly in my QB so have no idea what happened. When I try to follow your instructions and select Banking, there is no Chart of Accounts option. Please advise and thank you.

QuickBooks Team

Reconciliation opening balance differs from account balance

Hi @MJDuncan,

 

Thank you for joining the thread. I'll provide you the steps on how you can proceed.

 

In QuickBooks Desktop (QBDT) for Windows, follow these steps:

 

  1. Go to the Company tab.
  2. Select Chart of Accounts.

At this point, you can follow the steps shared by my peer @DivinaMercy_N above. 

 

For additional details, you can also view this article: Fix beginning balance issues in QuickBooks Desktop. It has the steps on how to resolve a zero balance or an incorrect balance. 

 

Please know that you're always welcome to post here in the Community if you have other questions. I'll get back to you as soon as I can. 

Level 2

Reconciliation opening balance differs from account balance

Ryan, thank you for your response. This option does not work because the item shows a check already in the check register. I enter my QB data quarterly because we are low volume. In Sep 2020, my tax accountant "cleaned up" a small customer overpayment from 2017. The discrepancy report shows she deleted the original deposit transaction but that is not accurate as it is still there - customer account balance is correct and the QB check register matches the actual bank balance. The only place the balance is not correct is in the reconciliation module. I hope this provides some additional context to my issue. Thank you and I look forward to your response. 

QuickBooks Team

Reconciliation opening balance differs from account balance

I've got here a great method for you to correct your reconciliation beginning balance issue in QuickBooks Desktop (QBDT), @MJDuncan.

 

You can do a special or mini-reconciliation to correct your opening balance. It's a process that uses an "off-cycle" reconciliation date to make a correction. Let me guide you how.

  1. Go to the Banking menu. 
  2. Choose Reconcile.
  3. Select the bank account with the transactions (original deposit) you need to reconcile.
  4. In the Statement Date field, enter a date (between your last reconciliation and the next scheduled one) for an "off-cycle reconciliation." 
  5. Enter the balance of your last successful reconciliation in the Ending Balance field, then click Continue.
  6. In the Reconcile window, check off the transactions you are fixing and re-reconciling.
  7. Make sure the Difference field shows $0.00.
  8. When everything looks good, click Reconcile Now.

 

You can learn more about this process through this article: Reconcile previously deleted and re-entered transactions.

 

In case you're still having trouble fixing your opening balance, I'd also recommend letting your accountant check your transactions (i.e. deleted original deposit or the overpayment from 2017). This way, you can keep your financial data accurate.

 

Additionally, you can learn more about fixing beginning balance issues through this article: How to fix the beginning balance discrepancies when doing reconciliation. It includes topics about undoing previous reconciliation and how to redo it.

 

Please let me know if you have other reconciliation concerns or inquiries. I'm just around to assist you further. Take care always.

Level 2

Reconciliation opening balance differs from account balance

Rea_M, THANK YOU! Your suggestion worked like a charm!

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