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wendyshard
Level 1

I missed the month of May 2018 reconciliation. I am trying to reconcile now but can't change the beginning balance to match May's bank. In edit info, it won't allow me.

 
3 Comments 3
Anonymous
Not applicable

I missed the month of May 2018 reconciliation. I am trying to reconcile now but can't change the beginning balance to match May's bank. In edit info, it won't allow me.

I want to make sure you can complete the reconciliation, @wendyshard,

 

I can share some information about the beginning balance and provide the steps on how to correct its discrepancies.

 

The beginning balance of an account is the the closing balance of your previous reconciliation. However, for new accounts, discrepancies are sometimes caused by an incorrect opening balance assigned during the initial set up.

 

 

To rectify the problem for previously reconciled accounts, you'll need to correct the ending date of the prior month period. Perform the steps below:

 

  1. Go to the Gear icon on the navigation panel.
  2. Select Reconcile.
  3. Choose the account to reconcile.
  4. Check the last Statement Ending date.
  5. Make sure the beginning balance is correct.

You can also find these steps in this article: Fix an opening balance to match a bank statement

 

If this is for a newly created account, you can only edit the opening balance if you haven't created any transactions. To correct the discrepancy, create a journal entry. Here's how:

  1. Click the Create icon (+).

  2. Pick Journal Entry.

  3. Key in the Journal date and fill out the Account field.

  4. Add the amount in either the Debit or Credit column. For assets and expense accounts, enter the opening balance amount in the Debit column. For liabilities, equity, and income accounts, enter the opening balance amount in the Credit column

  5. Next, select the Opening Balance Equity account in the Account column

  6. Enter the opening balance amount in the opposite column than the one you used on the first line.

  7. Hit Save.

You can check out this article to know more about the process: How to enter a beginning balance for an existing account

 

Please update me once you've tried the steps. I want to make sure you're all set with the reconciliation process. I'll keep an eye out for your response. Have a nice day!

sarobinsonster
Level 1

I missed the month of May 2018 reconciliation. I am trying to reconcile now but can't change the beginning balance to match May's bank. In edit info, it won't allow me.

What is the Gear Icon?  I am using the desk top version

AddieC
QuickBooks Team

I missed the month of May 2018 reconciliation. I am trying to reconcile now but can't change the beginning balance to match May's bank. In edit info, it won't allow me.

Hi sarobinsonster. Thanks for joining the thread! The Gear icon is specific to the Online version of QuickBooks. If you're using the Desktop program, it makes sense why you're not seeing it there. 


Are you having the same issue with your reconciliation?

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