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daisydays22
Level 3

Reconciling a Crecit Card account for the first time, wrong beginning balance.

Hello all

 

I would like some assistance in reconciling a Credit Card account for the first time. The beginning balance on bank statement is $0.00. And the beginning balance in Quickbooks Online is $408.62 (please see attached).

 

I did some research on other posts and it directed me to enter a journal entry, I did this by entering one for $0 and then proceeded to mark as reconciled. But this did not change the beginning balance.

 

What can I do to fix the beginning balance?. Please keep in mind this is the very first time reconciling this particular account. I would really appreciate some guidance on this.

 

3 Comments 3
JamesDuanT
Moderator

Reconciling a Crecit Card account for the first time, wrong beginning balance.

I know a way to correct the beginning balance, daisydays22.

 

Creating a journal entry is one way of fixing the beginning balance of an account. Entering zero ($0.00) on the journal entry doesn't change the beginning balance. You can delete it to avoid confusion on your register.

 

Meanwhile, we can go to the account register to correct the opening balance amount. Here's how:

  1. Click Accounting on the left menu and go to the Chart of Accounts tab.
  2. Look for the account you want to reconcile and click View register.
  3. Click the Filter option (funnel icon) and set the following filters:
       • Reconciled Status - Reconciled
       • Transaction Type - Deposit
    Leave other filters as they are.
  4. Click Apply.
  5. Look for the Deposit whose affected account is the Opening Bal Equity.
  6. Change the amount to zero ($0.00) and click Save.
  7. Select Yes to confirm the action.

You can also use this link for reference: Fix beginning balance issues during your first reconciliation in QuickBooks Online.

 

After that, you can go back to the Reconcile page and review the opening balance amount. Then, you can continue reconciling the account.

 

Let us know how this goes so we can further assist you in reconciling the account. Have a great day!

daisydays22
Level 3

Reconciling a Crecit Card account for the first time, wrong beginning balance.

 Thank you for your kind input.
I went to my CC register and filter per your instructions, and it says "There are no transactions matching the selected criteria"

I read in a different post that if you can't find your opening balance, that means you didn't enter one and
you can record a new one using a journal entry.
That's what I was trying to do with the Journal Entry. Beginning balance in statement is $0 and Beginning balance in Quickbooks is $408.62. Do you have any further insights?
daisydays22
Level 3

Reconciling a Crecit Card account for the first time, wrong beginning balance.

I would really appreciate any help with this.

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