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Level 1

How can I adjust an incorrect bank balance on an account that has never been reconciled?

Hello!

I just started a new job and they use QuickBooks Online, which I am not as comfortable with as the Desktop version. They have been using a bank account for a year and a half, but have never reconciled in QBO. The beginning balance shows as a negative. It isn't a large negative and I can adjust it as a discrepancy, but I would like to know if there are any other options/more "acceptable/clean" ways to handle this. 

Thank you!!!

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How can I adjust an incorrect bank balance on an account that has never been reconciled?

Thanks for reaching out to the Community forum, NStJohn12. I'm here to lend a hand.

 

There are reasons why the beginning balances is having an issues, these are:

  • Someone entered an incorrect opening balance when you created the account in QuickBooks.
  • Someone adds transactions that are older than the opening balance and doesn't edit the original entry to reflect the change.
  • When you connect your accounts, QuickBooks enters the opening balance for you. Missing or duplicate transactions may affect the opening balance.

To help resolve the issue, I recommend following the below steps:

  1. Review the opening balance entered in QuickBooks. 
  2. Compare the balance to your real-life account. 
  3. Review your account register. 

For more detailed information about the process I've provided above, refer to this article: Fix beginning balance issues during your first reconciliation in QuickBooks Online.

 

Let me know if you have any other questions by using the Reply option below. I'll be here to help. Have a good one!