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paul-helenamagda
Level 1

Hello, The beginning balance on my checking account is negative but it should be zero as it starts when the account was opened. How can I fix this issue ? Thank you!

I did catch up bookkeeping and I had to upload older bank statements in quickbooks, this might have caused the problem...
Solved
Best answer March 25, 2022

Best Answers
MirriamM
Moderator

Hello, The beginning balance on my checking account is negative but it should be zero as it starts when the account was opened. How can I fix this issue ? Thank you!

Welcome to the Community space, paul-helenamagda.

 

I'm here to help you fix your beginning balance so you can proceed with reconciling your account.

 

If you entered an incorrect opening balance, here are the steps you can perform:

  1. Go to the Gear icon at the top.
  2. Select Chart of Accounts.
  3. Look for your checking account.
  4. In the Action column, click View register
  5. Find the Opening Balance Equity account.
  6. Click the Opening Balance field.
  7. From the Charge column, enter the correct beginning balance.
  8. Once done, choose Save. 

 

For more information on the process, see this article: Edit an incorrect opening balance.

 

However, if you forgot to enter a beginning balance for your checking account, visit this link for the detailed steps: What to do if you didn't enter an opening balance in QuickBooks Online.

 

Otherwise, if your checking account statement doesn't match your QuickBooks Online (QBO) beginning balance, here's a resource for your guide in fixing the discrepancy: Fix issues the first time you reconcile an account in QuickBooks Online.

 

If you need to check on your financial data, you can run reports like the Balance Sheet, Profit and Loss, and more. This article will help you utilize the Reports feature well: Run reports in QuickBooks Online.

 

If there's anything else that I can help you with aside from fixing the negative balance of your checking account, please let me know in the comments below. I'll be here ready to lend a helping hand. Have a good one!

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1 Comment 1
MirriamM
Moderator

Hello, The beginning balance on my checking account is negative but it should be zero as it starts when the account was opened. How can I fix this issue ? Thank you!

Welcome to the Community space, paul-helenamagda.

 

I'm here to help you fix your beginning balance so you can proceed with reconciling your account.

 

If you entered an incorrect opening balance, here are the steps you can perform:

  1. Go to the Gear icon at the top.
  2. Select Chart of Accounts.
  3. Look for your checking account.
  4. In the Action column, click View register
  5. Find the Opening Balance Equity account.
  6. Click the Opening Balance field.
  7. From the Charge column, enter the correct beginning balance.
  8. Once done, choose Save. 

 

For more information on the process, see this article: Edit an incorrect opening balance.

 

However, if you forgot to enter a beginning balance for your checking account, visit this link for the detailed steps: What to do if you didn't enter an opening balance in QuickBooks Online.

 

Otherwise, if your checking account statement doesn't match your QuickBooks Online (QBO) beginning balance, here's a resource for your guide in fixing the discrepancy: Fix issues the first time you reconcile an account in QuickBooks Online.

 

If you need to check on your financial data, you can run reports like the Balance Sheet, Profit and Loss, and more. This article will help you utilize the Reports feature well: Run reports in QuickBooks Online.

 

If there's anything else that I can help you with aside from fixing the negative balance of your checking account, please let me know in the comments below. I'll be here ready to lend a helping hand. Have a good one!

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