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Level 1

Reconciliation Report and Monthly Beginning Balance Don't Match

Hello! So I'm struggling - 

 

I hate accounting and push off getting in QB as much as possible. Therefore, I usually get on and reconcile a few months at a time. We don't have a lot of payments going out the door, so this has worked for me (drives my accountant mother crazy, but it works for me).

 

I last reconciled July of 2019 in January and everything was perfect. I got on yesterday to reconcile a few more months, and the beginning balance for August is not what my ending balance was for July. I tried undoing the last reconciliation, but that number was off as well. I went back about a year before realizing something else had to be wrong. I ran a reconciliation report and that number for July matches what it should be. My mother suggested I had changed a transaction or cleared something without realizing it, but I literally do nothing in Quickbooks unless I'm reconciling. I do open it daily as I use QB POS software and I exchange data between the two. But I personally make no changes to anything in QB.

 

Any idea how to get the right opening balance without making a journal entry expense to clear it? I've tried verifying/rebuilding the file and that did nothing.

 

Thanks!

 

1 Comment
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QuickBooks Team

Reconciliation Report and Monthly Beginning Balance Don't Match

Hi, @mkmarcom.

 

Having an incorrect beginning balance is normally caused by:

  • Possible data damage.
  • The company file was converted from a different version of QuickBooks.
  • No balance or an incorrect balance was entered when the account was set up.
  • Previously cleared and reconciled transactions were deleted, voided, or modified.

The Reconcile Discrepancy Report will help you locate the transactions that affect your beginning balance. To pull up the report, you may follow the steps below.

 

  1. Go to the Reports menu.
  2. Select Banking, then Reconciliation Discrepancy.
  3. Choose the correct Account, then click OK. You now have a list of all the transactions. Use this report to identify the transaction/s causing the issue.
  4. If you notice a discrepancy, note the transaction date and the Entered/Last Modified, which will tell you when the change occurred.

 

To correct the discrepancy, you may need to re-enter or edit the transactions. 

 

Here's how:

 

  1. Back up the QuickBooks company file.
  2. In the Begin Reconciliation window, select Undo Last Reconciliation.
  3. When prompted, select Continue then OK.
  4. Close and reopen the Begin Reconciliation window.

 

You can read this article for more options o how to fix reconciliation issues: Fix issues when you're reconciling in QuickBooks Desktop.

 

Once you're done reconciling, you can view, print, or export your reconciliation report.

 

Feel free to ask if you have further questions. We are always here to help you.

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