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

lmancini220 · ‎November 16, 2020

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?

Candice C · ‎November 16, 2020

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:

Go to the Accounting menu.
Select the Chart of Accounts tab.
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!

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Candice C · ‎November 16, 2020

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:

Go to the Accounting menu.
Select the Chart of Accounts tab.
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!

lmancini220 · ‎November 17, 2020

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!!!

Nick_M · ‎November 17, 2020

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.

ECHS · ‎July 07, 2021

I tried to reconcile the account and the beginning balance was off by $1000. I undid every reconciliation for the past 6 years, only to find that there's a glitch in the system and the beginning balance is $4036.54 when it should be zero. I checked the opening equity ledger and there is no entry there. How do I fix this glitch in your system?

DebSheenD · ‎July 07, 2021

Hello there, ECHS.

I appreciate you letting us know the results of the steps you've done. I'll help you correct the beginning balance.

We can fix the beginning balance by creating a journal entry.

First, you need to check that there is no opening balance created.

Here's how:

Click the Accounting menu.
Select Chart of Accounts.
Find the account and click View register.
Search for an opening balance entry.

If there is an opening balance entry, don't go further. Take note of the date and amount. Use your bank statements to make sure the opening balance is correct.

Second, If you verified that there is no opening balance. Meaning you don't have an opening balance on that acount. You can now create a journal entry.

Third, Mark the journal entry as reconciled.

Reconciling the journal entry will prevent it from showing up on future reconciliation.

Here's how:

Go to the Accounting menu.
Select Chart of Accounts.
Find the account and click View register from the action column.
Look for the journal entry you just created.
Select the box in the tick column until you see an R. This reconciles the journal entry.
Click Save.

While creating this, I recommend consulting an accountant to ensure that the reconciliation reports are accurate.

Here's an article you can read through and check on how to view reconciliation reports: View, print, or export a reconciliation report.

I'm always here if you still have questions about reconciliation and or anything else. Have a good one.

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