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I'll make sure that your QuickBooks balance will be corrected, Constantinos Kourris. I know how important it's to have a correct balance in our bank accounts.
I have a way to correct the beginning balance in QuickBooks Online (QBO). And I'm happy to outline the detailed steps for you.
To fix this, please follow the steps below:
For more information, see this link: Edit an incorrect opening balance.
Once everything is good, you may now reconcile your account in QuickBooks. This way, your reports and books will stay accurate at all times. Also, you can always review your work by running the Reconciliation report.
Further, check out these articles below on how to fix some reconciliation issues and manage your chart of accounts:
Remember that you can always ask me about any topics or other processes within QuickBooks. We're open 24/7 to assist you. Please stay healthy and safe, Constantinos Kourris.
Hello MichelleBh,
Thank you for your reply.
My problem is that I ended up with a discrepancy between the account register balance and the 'beginning balance' given by the system when I try to do a reconciliation
The register balance is correct and the same with my actual bank balance as the banks statement.
The problem begins when I want to do a reconciliation
Is there a way to change the 'beginning balance' in the reconciliation screen without affecting the account register ?
Many thanks,
Constantinos Kourris
Hello, Constantinos Kourris.
Thank you for getting back to us and clarifying things out. Once you made changes in your beginning balance, it will also affect your account register. Also, the reconciled amount is the amount that showed up on your bank statement. Amount is what’s in QuickBooks.
That said, you can review the list of transactions in the Reconciliation window to check any transactions in your bank statement that's not recorded in QuickBooks. Physically mark them and enter those that aren't on the list. Here's how:
You can check these articles to learn more about keeping transactions and accounts accurate.
For additional resources, while working with QuickBooks and reconciliation, you can open the topics from this link: Banking Articles for QuickBooks Online-International.
The Community is always around if you still need assistance, Constantinos Kourris. Stay safe!
Hello AileneA,
Thank you for your reply.
I attach two screenshots to better explain my problem.
The register reads the correct amount in the bank account as at 31/12/2019.
The next screenshot is the reconcile window
I do not recognise or understand the 'beginning balance' of the reconcile window
My banking transactions have been reconciled up to 31/01/2021.
The problem was created when I tried to enter banking transactions before 31/12/2019.
Now I am trying to go back to where I was before.
Thanking you in advance for your help.
Constantinos Kourris
Let me ease your confusion and help you fix the discrepancy in the beginning balance, Constantinos Kourris.
The beginning balance amount should match what's on your bank statement for the same start day. Since you've mentioned that you've entered transactions older than the opening balance, you also have to modify the original opening balance entry to reflect the change.
I'll show you how to do it:
The following steps should help you set the new beginning balance that matches your bank record against the QuickBooks bank register.
Here are reconciliation-related articles for additional guide and reference:
That should get you going, @Constantinos Kourris. If you have any additional questions, let me know by adding them below. I'm always glad to help.
Hello GlinetteC,
Thank you for your reply.
I am confused as to how to alter the beginning balance and the register balance so as to match the real life bank statement.
Lets assume I will unreconcile and delete the opening balance journal entry.
I want to create a journal entry that sets my banks opening balance at 174069.07 as at 31/12/2019 and I want to have the beginning balance set at 16088.88 as at 01/02/2021 which was the balance of my last meaningful reconciliation.
I would appreciate it if you could provide the steps to do the above without having to alter anything in the hundreds of reconciled transactions I have inbetween these two dates.
Many thanks,
Constantinos Kourris
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