Several reasons may explain why the beginning balance in QuickBooks does not match your bank account. To ensure that your account and bank statement matches, there shouldn’t be any discrepancy between the opening balance in QuickBooks Online and your bank account. Only then, you can proceed with the reconciliation process. If you receive an error message, “QuickBooks reconcile beginning balance wrong”, you might not reconcile your QB bank account. This article elaborates on the solutions you can utilize to fix beginning balance in QuickBooks.
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When Can I Get A Wrong Opening Balance Of The QuickBooks Account?
The issues related to beginning balance in QuickBooks desktop can take place in various conditions such as an account that has never been reconciled before. Besides, you may receive the notification for reconciling bank account in QuickBooks. There are several other reasons; you can get beginning balance in QuickBooks Desktop wrong. Here, we will discuss all the possible reasons behind the error and their troubleshooting solutions.
Another scenario when you can get the QuickBooks Reconcile beginning balance wrong is, while you connect an account with transactions older than three months. QuickBooks automatically records starting balance when you connect your bank to it depending on how far back you have downloaded the transactions, and typically, it is 90 days back. However, the balance before 90 days will not be reflected and give the wrong beginning balance.
What to Do If the Account Has Never Been Reconciled or is Completely New?
If you are using an account that has never been reconciled before or is entirely new, you will need to combine a bank account with QuickBooks and follow the below-given steps:
- Select the Gear icon in the first place and then further select Chart of Accounts.
- Locate the Account you want to reconcile and then go to the Action column and select View register (or Account history).
- Locate the opening balance entry. (Note: if you have your Date column sorted from newest to oldest, you can find the opening balance entry at the bottom of the list.)
- Select the opening balance entry on finding.
- Edit the beginning amount. (Note: If you are unable to edit the amount directly on this screen, you can do it by selecting the Edit button.)
Select Save, which is a crucial step; otherwise, the change will not be saved if you navigate away from the register without saving.
What Can You Do If You Have Zero Beginning Balance In QuickBooks?
Learn how to Change the Online Opening Balance in QuickBooks:
If you are reconciling the Account for the first time, you can recreate the opening balance. However, you will not found this option in the Begin Reconciliation window. Moreover, you can create a journal entry then do a mini-reconciliation to correct it.
- Create a journal entry. Use the correct date and amount for creating the journal entry. Afterwards, you can see the Begin Reconciliation window.
- Now, go to the Company menu and select Make General Journal Entries.
- Alter the dates as per your statement date of the beginning balance.
- From the account drop-down option, select the right Account.
- Enter the apt opening balance in the Debit column.
- Then, select the Opening Balance Equity option.
- Lastly, click on Save.
To fix beginning Balance in the Begin Reconciliation window, you need to do a mini-reconciliation.
- Go to the Banking menu and choose Reconcile.
- From the Account drop-down, choose the Account.
- Enter the statement date and ending balance as per your Journal Entry
- and click on continue.
- Choose the corresponding Journal Entry from the deposit and credit section. Note: The difference in amount should be zero.
- Select Reconcile Now.
What To Do If No Alert Is Shown in QuickBooks Account Reconciliation Page?
It is a common mistake that users reconcile a wrong account with QB, who have multiple accounts with the same bank. It is, therefore, essential to reconcile the right bank account to avoid incorrect Balance in QuickBooks Desktop.
- Locate the gear icon on the top and then select Reconcile
- Now select an account you need to reconcile
- Next, you have to find the Ending Date field of the Last Statement Ending Date.
- Make sure that the starting balance is correct.
- If the starting balance does not show the correct value, even after this solution, then it is possible that the Account has never been reconciled with the reconciliation tool.
Why The Page “Reconcile An Account” Shows 0$ As Starting Balance In QBO?
If “Reconcile an Account” page shows 0$ as starting balance after importing to QB, then to fix this issue of beginning balance in QuickBooks Desktop, you have to use the ending balance to perform a single reconcile of the last combined bank statement. Avoid any fees or interest while saving the reconciliation and follow the on-screen instructions carefully to get the job done.
How To Correct The Bank Balance In QuickBooks?
Correct the transactions that are edited, deleted or cleared.
To find the transactions that may lead to the discrepancy, run any of these reports:
Reconcile Discrepancy report
- In the Reports menu, select Banking option and then Reconciliation Discrepancy.
- Choose the appropriate Account, and then select OK. A list of transactions since the last reconciliation will be displayed. This report will help you to find the transactions that may cause the error.
- In case you find a discrepancy, note the transaction date and the Entered/Last Modified, which will tell you when the change occurred.
Audit Trail reports
- Under the Reports menu, select Banking and Previous Reconciliation option.
- Select the right Account
- Select the recent statement date and the transactions cleared at the time of reconciliation. After that, click on Display.
- Note the statement and the reconciliation creation date.
- Now, go to the Reports menu, and then select Accountant & Taxes, then Audit Trail.
- Moving ahead, you need to set an Account filter for the Account being reconciled.
- After that, Select Customize Report.
- Then, go to the Filters tab, and then choose Account from the filters.
- Select the required Account from the Account drop-down list.
- Hit OK.
- Set the Entered/Modified filter with the from the date set to the previous reconciliation creation date from the PDF, and then to field as today’s date.
- See if any of the transactions in the report can account for the discrepancy.
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Previous Reconciliation Report
- Firstly, go to the Reports menu and select Banking, then Previous Reconciliation.
- Now, you need to select the desired Account and Statement Ending Date. After that, click on Display.
- You must compare the generated report with the past statements from your financial institution.
To correct the discrepancy, you may need to re-enter or edit the transactions. You can also try the following options:
Undo a Previous Reconciliation and Redo It
- keep a backup of the QB company file.
- Select Undo Last Reconciliation in the Begin Reconciliation window.
- When prompted, select Continue then OK.
- Close and re-open the Begin Reconciliation window.
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We have put in our utmost efforts and hope by following these steps you can quickly fix beginning balance in QuickBooks error without any trouble. If you still have any confusion in your mind or facing any technical unease in performing the steps, give us a call on our data repair service toll free number +1(800)-578-0315. In no time, you can acquire the assistance to fix opening balance issues in QuickBooks Online.