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Eugene Pieterse
Level 1

Need to change the opening balance for linked bank account

Hi There

I have recently tried to reconcile my linked bank account in quickbooks online but I'm unable to complete it because the opening balance for this account is incorrect.

I have followed the steps provided from these sources:
Fix issues the first time you reconcile 
Edit an incorrect opening balance 

Both guides suggest that I go to chart of accounts, accounts history for the account in question, find the opening balance entry and edit the value assigned to it.  However when i follow these steps there is no opening balance entry to edit, the only entries that show are the actual account transactions from when the account was first linked with quickbooks online. 

Can anyone please help me with a solution for changing the opening balance when the entry isn't available? Can I make a Journal Entry to change it instead? I just wouldn't be sure what to debit or credit for that then

1 Comment 1
Angelyn_T
QuickBooks Team

Need to change the opening balance for linked bank account

Hi there, Eugene. I'm here to help you fix your beginning balance so you can proceed with reconciling your account.

 

Yes, aside from updating the opening balance through the account's register or chart of accounts, you can also use a journal entry (JE) to correct the balance. JE needs an accurate recording especially on the accounts under the Credit and Debit section. Thus, I recommend seeking assistance from your accountant before doing the process. He or she can review your statements and use the accurate posting accounts to fix your account's beginning balance.

 

Once everything is corrected, you're now ready to proceed with your reconciliation.

 

Just in case you need help with fixing your completed reconciliations, you can also use this article as your guide: Learn the reconcile workflow in QuickBooks.

 

If you have any other questions about your balances, let me know by adding a comment below. I'm more than happy to provide additional help. Have a good one!