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office18
Level 1

QB beginning balance doesn't match bank statement

I'm a QB newbie :) I deleted a cleared deposit from September.  I realized what I did and entered the deposit again.  Now that I'm ready to reconcile this month, my beginning balance is off that exact amount and doesn't match my bank statement. I looked up how to "fix the discrepancy", it says to go in and re-enter any transactions that were deleted, changed, etc.  Well, I did that right away on the same day I deleted the transaction.  Please help!

Solved
Best answer December 10, 2018

Best Answers
Anonymous
Not applicable

QB beginning balance doesn't match bank statement

Your beginning balance is the sum of your cleared transactions.  If you delete one, then it changes.

That's OK, though, as long as you enter the correct ending balance and then check off the replacement transaction as you reconcile.  Then the ending reconciled balance will be correct, assuming all other things on the statement match.

View solution in original post

18 Comments
Anonymous
Not applicable

QB beginning balance doesn't match bank statement

Your beginning balance is the sum of your cleared transactions.  If you delete one, then it changes.

That's OK, though, as long as you enter the correct ending balance and then check off the replacement transaction as you reconcile.  Then the ending reconciled balance will be correct, assuming all other things on the statement match.

View solution in original post

office18
Level 1

QB beginning balance doesn't match bank statement

That worked!  Thank you for your help!!
ldipple
Level 1

QB beginning balance doesn't match bank statement

Will my beginning balance next month be correct or will I always have to change it?
Anonymous
Not applicable

QB beginning balance doesn't match bank statement

The only reason you should ever have to change it is if you reconcile and then you edit or change any reconciled transactions.  If you don't so that, then the ending balance this reconcile will always be the beginning balance on the next reconcile.
QL1
Level 1

QB beginning balance doesn't match bank statement

I kind of did something similar, but what I did was accidentally put in the wrong ending balance before reconciling. Now, the system won’t let me correct it and just assumes/Auto maintains that incorrect balance, making my reconciliation out of balance. I tried reversing all the reconciled transactions, but the starting point is still wrong and won’t let me change it. 

GraceC
QuickBooks Team

QB beginning balance doesn't match bank statement

Hello there, @QL1.

 

You can go back to your bank register and manually reconcile your journal entry to correct your beginning balance.

 

Here's how:

  1. Go to Lists, then Chart of Accounts.
  2. Double-click the account in question, then open the journal entry.
  3. Put a checkmark in the Reconcile column checkmark as reconciled.
  4. Tick Yes when prompted. Make sure to see if you already have the correct ending or beginning balance.
  5. Then, hit Record

Once done, you'll need to create mini-reconciliation to resolve the discrepancy by doing a correction.

  1. Click the Banking menu then choose Reconcile.
  2. Select the bank account with the transactions you need to reconcile.
  3. Enter the date for an "off-cycle reconciliation in the Statement Date section. This date can be any date between your last reconciliation and the next scheduled one.
  4. In the Ending Balance field, input the balance of your last successful reconciliation then hit Continue.
  5. Check the transactions you wanted to correct and re-reconciling then make sure the difference field shows $0.00.
  6. Once done, select Reconcile Now.

Also, if you need further assistance on how to make these corrections, I highly suggest consulting your accountant.

 

I've got these awesome articles you can use as your reference. 

 

I'll be here in case you have any additional questions about your reconciliation. I will keep an eye out for your response.​

w3developing
Level 2

QB beginning balance doesn't match bank statement

Hello,

 

I've been banging my head trying to figure out a reconciliation problem.

 

My account was perfect, I entered January all the way up through present, but then I re-added two transactions trying to figure out a problem with another account, and now I receive the message:

 

"Your account isn't ready to reconcile yet. Your beginning balance is off by $1,369.20. We can help you fix it."

 

This amount of $1,369.20 is exactly equal to the two transactions I re-added.

 

I then looked in my Audit Log and saw these transactions twice, so I deleted one of each of them again.

 

Still the same message:

 

"Your account isn't ready to reconcile yet. Your beginning balance is off by $1,369.20. We can help you fix it."

 

Do you know how I can fix this?

IntuitLily
Moderator

QB beginning balance doesn't match bank statement

It's nice to see you again, @w3developing.

 

I'm here to get you moving in the right direction towards reconciling your account. It seems like the product you're using is QuickBooks Online.

 

Based on the scenario you provided, you may have deleted a transaction that has already been cleared and reconciled. Once you void, modify or delete a previously reconciled transaction, this will create a discrepancy on your beginning balance. 

 

You'll need to review all the transactions thoroughly. If you accidentally deleted a reconciled transaction, you can manually change its status on the register.

 

Here's how:

 

  1. Go to the Accounting menu. Then select Chart of Accounts.
  2. Find the account and select View register
  3. Select the transaction you want to reconcile.
  4. Review the check column. Select the box and keep clicking it until the box shows R.
  5. Select Save. Then close your register.

 

I'd also suggest reaching out to your accountant for advice to ensure you're on the right track. 

 

Should you need anything else in the meantime, please don't hesitate to leave a comment below. My door is always open to you. 

w3developing
Level 2

QB beginning balance doesn't match bank statement

Hi Thank you for your feedback. I am looking at getting more accountant help, but in the meantime, just trying to understand things more.

 

(1) =====================================================

 

I have two accounts:

 

Bank

 

Credit Card

 

My Bank account is reconciled up to present time with no discrepancies.

 

The Credit Card account is the one with issues.

 

You mentioned "checking your banks statements," do you know what records I should check them against in Quickbooks Online? Should I check them all (from Jan 1 - present statement) against Credit Card register or should I check them against Banking records under the "Reviewed" tab? 

 

Thank you for any additional clarification on which records I should compare to statements.

 

(2) =====================================================

 

I pay my Credit Card bill with the Bank funds, both accounts are connected to Quickbooks Online. Each account does create a record, but I normally go into the Credit Card account under Banking, and assign the Transfer to the Bank account. But when I first started this, I might have made some errors.

 

Thanks for any additional data you can provide on how to best compare or review records to find the error.

 

Sincerely

JamesDuanT
Moderator

QB beginning balance doesn't match bank statement

Thanks for getting back to us, w3developing.

 

Since we're using the Banking page to bring your credit card transactions to your QuickBooks register, I'd recommend going to the Reviewed tab. Reviewing your January 1 to present transactions might be a great idea.

From there, you can compare your credit card statement to the ones that were added to your register. You can undo the transactions if necessary: Unmatch or move bank transactions after reviewing them.

 

After that, you can go to the credit card register, and compare the statement transactions again. You can click the Go to Register hyperlink in the Banking page. This is to ensure that there are no duplicates. In addition, doing this should also answer your second question.

 

Once you get to the bottom of this, you can already reconcile the account.

 

We'll be right here to guide you and keep everything aligned. 

cfinn92
Level 2

QB beginning balance doesn't match bank statement

I'm having this problem, but when I go to manually reconcile the fixed transaction all I get is an option to edit that transaction. I can't click in the check column to change the bank status.

MonicaM3
QuickBooks Team

QB beginning balance doesn't match bank statement

Hello @cfinn92,

 

Thanks for reaching out. Try selecting the Edit button, which will open the transaction window. There you'll be able to make the changes needed.

If you have any other questions, or if I can help with anything else, please feel free to ask. Take care!

cfinn92
Level 2

QB beginning balance doesn't match bank statement

I don't see a way to reconcile the transaction from the Edit screen. It just lets me edit the details of the transaction.

 

I deleted a transaction that had been reconciled incorrectly

I created a new transaction

When I go to the register, I cannot manually reconcile the new transaction

BettyJaneB
QuickBooks Team

QB beginning balance doesn't match bank statement

Thanks for your prompt response, @cfinn92.

 

You'll need to make sure that the Reconcile and Banking Status option is selected on your bank register. This way, the field to enter the reconciliation status will be visible.

 

I'll guide you on how to do that:

  1. Go to your bank register.
  2. Press on the Gear icon at the top of the transactions.
  3. Make sure to put a check-mat on the Reconcile and Banking Status option. 

After that, you can now manually select the status of your transaction: 

 

For additional information about reconciling bank transactions in QBO together with fixing its common errors, please see this link: Learn how to reconcile your accounts so they always match your bank and credit card statements.

 

Get back to me if you need anything else. I'm always up for further assistance. Keep safe!

jjt1234
Level 1

QB beginning balance doesn't match bank statement

and if you delete an all ready reconciled entry? I can not find delleted entries anywhere. But I know this is why Im not balancing!

 

Yhk You

Jen_D
Moderator

QB beginning balance doesn't match bank statement

It's nice to see you here, @jjt1234,

 

Can you please confirm which version of QuickBooks are you using? This thread is about QuickBooks Desktop and QuickBooks Online, so I want to make sure I know the right product you have. Then, I can share the accurate steps for you.

 

Regardless, I will share how you can find deleted entries in QBO and QBDT.

 

For online versions of QuickBooks, you can use the Audit Log report to find deleted entries. To do that, follow the steps below:

 

  1. Click the Gear icon and choose Audit Log.
  2. Tap the Filter button then update the date.
  3. Go to Events then click on Show only these events.
  4. Use the Transactions check box.
  5. Pick Deleted/Voided Transactions from the Show drop-down.
  6. Hit Apply to see the entries you're looking for.
  7. Look for the Deleted Journal Entry, then click View under History.
  8. Press the arrow beside the date of the transaction to show the line items.
  9. After getting the details, click the (+) New button then choose the transaction you need to recreate. Use the information on the line items you see on the report. See this:

 

To learn more about using this report, see the following article: Use the audit log in QuickBooks Online

 

If you want to keep track of any changes to the entries in QuickBooks Desktop, you can open an Audit Trail report for it. Simply go to Reports > Accountant & Taxes > Audit Trail.

 

Deleted entries will show under the State column. See this:

 

 

For other questions about this or if you need help with other things in QuickBooks, feel free to connect with me again. I'll be right here to help you anytime.

keeper
Level 1

QB beginning balance doesn't match bank statement

What if I had an outstanding transaction one month, the next month I figured out it was a wrong entry and deleted it, now I just found out my beginning balance is off that amount.

MaryJoyD
QuickBooks Team

QB beginning balance doesn't match bank statement

I can share additional information about entering opening balances, @keeper.

 

You can enter the opening balance for your real-life bank accounts like your bank and credit card accounts. No need to worry about adding an incorrect opening balance, you can always go back to your Chart of Accounts and edit it. 

 

Here’s how:

  1. Go to the Company menu and choose Chart of Accounts.
  2. Find and right-click the account and select Edit Account.
  3. Pick the Change Opening Balance button and update the opening balance and the date (optional).
  4. Hit on Record to save your changes.

 

In case a certain transaction that you've added causes the discrepancy, you can always edit or delete it to resolve that error.

 

Check these articles for more information: Enter opening balances for accounts in QuickBooks Desktop.

 

I'm always here if you need more help with your bank balance. Let me know by leaving a reply below. Take care and have a great rest of the day!

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