While entering transactions before my first reconciliation I ended up with a discrepancy in the Beginning Balance. Now I cant fix it. Please help ?

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: 

1. In the Accounting tab, select Chart of Accounts. 
2. Search your credit card account and click View registers in the Action column. 
3. Locate the earliest deposit posted noted as Opening Balance. 
4. Click to open the transaction and select Edit. 
5. On the Bank Deposit window, change your opening balance amount based on the credit card statement.
6. Hit Save when done. 

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: 

• Learn the reconciled workflow in QuickBooks
• Learn about the chart of accounts in QuickBooks

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:

1. Go to the Sales menu.
2. Search for transactions you see on your bank statement but not in QuickBooks.
3. If you find any, select and open it.
4. Check the Deposit to or Payment account. 
5. Make sure it's in the correct account. 

You can check these articles to learn more about keeping transactions and accounts accurate.
 

• Fix issues for accounts you've reconciled in the past.
• Learn the reconcile workflow in QuickBooks.  

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:

1. Go to the Accounts menu and select Chart of Accounts.
2. Locate and open the account.
3. Search the account register for the opening balance entry. It should be labeled Opening Balance Equity with “Opening Balance” in the Memo column.
   
4. Sign in to your bank’s website. Set your account so you can see the balance for the new date you want to use for the opening balance in QuickBooks.
5. Go back to QuickBooks. Select your opening balance entry.
6. Edit the opening balance so the date and amount match your bank records for the day you choose.
   

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:

• Reconcile transactions that are older than your opening balance in QuickBooks Online.
• Fix issues at the end of a reconciliation in QuickBooks Online.

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