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Level 3

Opening balance in reconciliation is incorrect even though open balance entry is correct....

Hi  - my opening balance for my bank account is way off, even though my opening balance entry is correct, which is 0. This account has no reconciliation history so I really don't know where QB is getting the number from - how do I get it to use the correct opening balance entry and start from 0?

Solved
Best answer November 16, 2020

Best Answers
QuickBooks Team

Opening balance in reconciliation is incorrect even though open balance entry is correct....

Good Morning, @Imancini220. 

 

It's great to see you back in the Community. I hope your day is going well so far. I can point you in the right direction of how to correct your opening balance in your reconcile

 

Since this is your first reconciliation, let's double-check the Opening Balance in the register to see if it matches what's listed with your bank records. Here's how: 

 

  1. Go to the Accounting menu. 
  2. Select the Chart of Accounts tab. 
  3. Locate the account and press View register in the "Action" column. 

 

 

       4. Click on the Filter icon and type in Opening Balance in the Find box. Note: You can also find the transaction by the date. 

       5. When you're ready, hit Apply

       6. From there, you should be able to see the transaction. This should match the information that's on your bank records. 

 

 

If this opening balance doesn't match your bank records, then this could be the reason why the balance is off in your reconcile. You can change it by clicking on the transaction and tapping the Edit button. Note: Make that the entry is unreconciled first. 

 

If it does match, then I suggest checking out this link about fixing balance issues during your first reconcile to help you out. 

 

After doing these instructions, you should have a better understanding of why your balance is off in your reconciliation. If you have any other questions or concerns, don't hesitate to ask. I'm always here to lend a helping hand. Bye for now!

View solution in original post

3 Comments
QuickBooks Team

Opening balance in reconciliation is incorrect even though open balance entry is correct....

Good Morning, @Imancini220. 

 

It's great to see you back in the Community. I hope your day is going well so far. I can point you in the right direction of how to correct your opening balance in your reconcile

 

Since this is your first reconciliation, let's double-check the Opening Balance in the register to see if it matches what's listed with your bank records. Here's how: 

 

  1. Go to the Accounting menu. 
  2. Select the Chart of Accounts tab. 
  3. Locate the account and press View register in the "Action" column. 

 

 

       4. Click on the Filter icon and type in Opening Balance in the Find box. Note: You can also find the transaction by the date. 

       5. When you're ready, hit Apply

       6. From there, you should be able to see the transaction. This should match the information that's on your bank records. 

 

 

If this opening balance doesn't match your bank records, then this could be the reason why the balance is off in your reconcile. You can change it by clicking on the transaction and tapping the Edit button. Note: Make that the entry is unreconciled first. 

 

If it does match, then I suggest checking out this link about fixing balance issues during your first reconcile to help you out. 

 

After doing these instructions, you should have a better understanding of why your balance is off in your reconciliation. If you have any other questions or concerns, don't hesitate to ask. I'm always here to lend a helping hand. Bye for now!

View solution in original post

Level 3

Opening balance in reconciliation is incorrect even though open balance entry is correct....

THANK YOU!!! That article solved it - the opening balance was correct with the correct date and was reconciled, however there were several other transactions marked as reconciled so it was bringing those into the beginning balance!! Marked those unreconciled and it was fixed!!! 

QuickBooks Team

Opening balance in reconciliation is incorrect even though open balance entry is correct....

Hey, lmancini220. 

 

We're so glad to see that you were able to get the help you needed to figure out what was going on with your opening balance! If there's anything else you need, or any other questions you have. We're just a few clicks away. 

 

Thanks for stopping by the Community and have yourself a wonderful Tuesday.

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