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bfreeman
Level 1

If the bank balance is wrong, how can I fix it?

My end of month balance is not reflecting on the preceding month starting balance. This is leading to incorrect bank reconciliation. When the bank expenses are filtered together, they are correct but tend to be wrong when filter on a monthly basis. 

Solved
Best answer September 26, 2019

Best Answers
VivienJ
QuickBooks Team

If the bank balance is wrong, how can I fix it?

Welcome to the Community space, bfreeman.

Let's get to the bottom of this and make sure you're able to correct the bank balance, then finish reconciling. 

Are you seeing a zero amount starting balance when doing a reconciliation? If so, the inability to match the beginning balance in QuickBooks Online with your bank statement is called beginning balance discrepancy. 

There are several different reasons why it occurs on your company file. You can check out the What causes a beginning balance discrepancy? section of this article to learn more about them:

Why doesn't my QuickBooks Online beginning balance match my statement?

To fix this, you need to perform a single reconcile using the ending balance of your last reconciled bank statement. Make sure not to enter any interests or fees prior to saving the data. 

  1. Go to the Gear icon, then Reconcile.
  2. From the Reconcile screen, verify that the beginning balance is zero ($0).
  3. Enter the Ending balance of the last reconciled bank statement.
  4. Click OK
  5. Once you see the list of transactions and balances to be reconciled, look at the difference and see if the number is zero. 
  6. If it is, choose Reconcile Now.
  7. If the difference is not zero, pick Unmark All and place a check in Hide transaction after the statement End date.
  8. Choose Mark All and use the reconciliation report from QuickBooks Online to remove the check from transactions that were not cleared as of the last reconcile.
  9. Click Reconcile Now.

Here's an article with the detailed steps:

 

My reconcile opening balance is wrong. How do I make it match my statement?

That's it! You should now be able to correct the bank balance. 

Don't hesitate to let me know if you have other concerns. I'll be around.

 

View solution in original post

5 Comments 5
VivienJ
QuickBooks Team

If the bank balance is wrong, how can I fix it?

Welcome to the Community space, bfreeman.

Let's get to the bottom of this and make sure you're able to correct the bank balance, then finish reconciling. 

Are you seeing a zero amount starting balance when doing a reconciliation? If so, the inability to match the beginning balance in QuickBooks Online with your bank statement is called beginning balance discrepancy. 

There are several different reasons why it occurs on your company file. You can check out the What causes a beginning balance discrepancy? section of this article to learn more about them:

Why doesn't my QuickBooks Online beginning balance match my statement?

To fix this, you need to perform a single reconcile using the ending balance of your last reconciled bank statement. Make sure not to enter any interests or fees prior to saving the data. 

  1. Go to the Gear icon, then Reconcile.
  2. From the Reconcile screen, verify that the beginning balance is zero ($0).
  3. Enter the Ending balance of the last reconciled bank statement.
  4. Click OK
  5. Once you see the list of transactions and balances to be reconciled, look at the difference and see if the number is zero. 
  6. If it is, choose Reconcile Now.
  7. If the difference is not zero, pick Unmark All and place a check in Hide transaction after the statement End date.
  8. Choose Mark All and use the reconciliation report from QuickBooks Online to remove the check from transactions that were not cleared as of the last reconcile.
  9. Click Reconcile Now.

Here's an article with the detailed steps:

 

My reconcile opening balance is wrong. How do I make it match my statement?

That's it! You should now be able to correct the bank balance. 

Don't hesitate to let me know if you have other concerns. I'll be around.

 

Vantareg
Level 1

If the bank balance is wrong, how can I fix it?

What if my bank accounts were last reconciled in 2002? And I've just reconciled for this year 2021 and my balances are incorrect compared to my September 30, 2021 bank statement? What would be your recommendation to be able to reconcile all my bank accounts in quickbooks Desktop Pro? 

GlinetteC
Moderator

If the bank balance is wrong, how can I fix it?

It's good to have you here, Vantareg.

 

I'm here to help ensure your concerns about reconciliation are taken care of. 

 

In QuickBooks Desktop, you can do a lump sum reconciliation to reconcile past months of transactions that haven't been reconciled with your financial statements. The method to reconcile them is one year at a time

 

You can check this article for detailed information about the process: Reconcile an account for multiple months or years of transactions and financial statements.

 

Also, you can use this link if you encounter issues while reconciling the account: Fix issues when you're reconciling in QuickBooks Desktop.

 

Keep me posted if you have additional questions while working with lump sum reconciliation. I'd be happy to help.

Vantareg
Level 1

If the bank balance is wrong, how can I fix it?

Hi! 

I was able to find the Opening Balance Equity amount but it's a negative number that was entered in the payment column, not the deposit column. This was since 1999. I wanted to reconcile the account from January 1, 2021 to September 30, 2021. This is the first time to reconcile the account. Should I move the amount to deposit? I won't be able to confirm the opening balance as of that date. Please recommend the approach to fixing the opening balance to be able to reconcile for the first time...

 

Thank you so much for your time! 

 

MadelynC
Moderator

If the bank balance is wrong, how can I fix it?

I’m here to ensure you’ll be able to reconcile your account, @Vantareg.

 

Yes, you can move the amount to deposit. But since this is an old transaction, I suggest working with your accountant. They can guide you further to get everything done correctly.


I’ve attached this resource to learn how to handle balances to ensure the account register is accurate: Enter opening balances for accounts in QuickBooks Desktop.

 

Also, you can use this guide to help you in doing or fixing a reconciliation: Learn the reconcile workflow in QuickBooks.


Please let me know if you have any other banking questions or concerns. We’ll be here to help. Always take care!