I need to decrease my QB balance by 1725.24. I made a mistake

This is accounting, find the mistake and fix it

Hi userlauramicucci!

Hope you're doing well. I can help you in fixing the incorrect balance.

First, you'll want to review your opening balance. If this error is due to an incorrect opening balance entered, you'll want to edit it by following these steps:

1. Go to the Accounting menu and select Chart of Accounts.
2. Find the account and select View register from the Action column.
3. Search for an opening balance entry. It should have Opening Balance Equity in the Payee/Account column and Opening Balance in the Memo column.
4. Edit the amount and Save it.

Also, you'll want to review your transactions to see which one causes the incorrect balance. Open the transaction and edit or delete if needed. Follow the steps in this article on you can edit a transaction in QuickBooks Online: Find, review, and edit transactions in account registers.

In addition, you'll want to create a journal entry to fix it. This is also applicable if the reason if this error is that you forgot to enter an opening balance. However, I suggest you work with your accountant to ensure accuracy when using this method.

I added this link if you need help in balancing your accounts: Reconcile an account in QuickBooks Online.

Shoot me a reply if you need more help with this. Stay safe!

Hi, thank you for your help. This account was opened in 2004 and it does not look like there was ever an opening balance added. I took over the account about a year and a half ago. I have no idea how this difference became about. I really don't want to go through almost 20 years of statement to find it. :(. that is why I was wondering if there was a journal entry I could perform to make the account balance. I know that is not the clean way to do this. I am also not completely familiar with QB. I did take a beginner's class. 

Thanks for coming back, userlauramicucci. 

We'll need to reconcile the latest/previous period to correct the future balances. If you're reconciling an account for the first time and the beginning balance is off, this is actually caused by an incorrect opening balance. Just follow the steps and details in this article: Fix issues the first time you reconcile an account in QuickBooks Online.

Once you know your opening balance is correct, start reconciling with the latest/previous period to correct the future balances. If you see a message about an incorrect beginning balance when you start, here are other things you can review.

If you’ve followed everything in our reconciliation guide but still have questions, connect with your bookkeeper. They can help get back on track with your business. On the other hand, if you need to create a journal entry to correct opening balance, it would be best to consult your accountant to properly guide you with this one. Here's how:

1. Click the + New Plus icon. 
2. Select Journal entry.
3. On the first line, select an account from the Account field. Depending on if you need to debit or credit the account, enter the amount in the correct column.
4. On the next line, choose the other account you're moving money to or from. Depending on if you entered a debit or credit on the first line, enter the same amount in the opposite column.
5. Check the amounts - you should have the same amount in the Credit column on one line and the Debit column on the other. This means the accounts are in balance.
6. Enter information in the memo section so you know why you made the journal entry.
7. Press Save and close.

We can browse this link here if you need help with managing your bank feeds and reconciling accounts. It'll route you to our general bank topics with articles.

Feel free to update us after reviewing the entries. I want to make sure this is resolved and I'll be right here if you need further help. You have a good one.