Reconciliation beg balance too high - register is correct and matches bank statement. It is not a matter of a wrong opening balance. How to fix?

Thanks for detailing your reconciliation issue, Savdakov. Let me share some details of the cause of this issue and provide additional assistance to fix it.

When you set up a new account in QuickBooks Online (QBO), you'll have to specify a start date for tracking transactions and enter the balance of your actual account on that date. This starting balance is crucial as it establishes the opening balance for your records.

The discrepancy in the beginning balance is due to not entering an opening balance in QBO. To fix this, we'll create a journal entry to record it.

Here's how:

1. Go to the +New button.
2. Under Other, select Journal entry.
3. Enter a date before the oldest transaction in the account as the opening balance date.
4. In the Account column, use the drop-down menu to select the account for the opening balance.
5. Add a note in the Description field so you know what the journal entry is for.
6. On the second row of the Account column, click the drop-down arrow and choose Opening Balance Equity.
7. Use your bank statements to enter the balance of your real-life account on the date you picked as the opening balance. You'll have to enter both a debit and a credit to keep things accurate. Enter the debits and credits based on the type of account you entered on the first row.
8. Hit Save and close.

After that, reconcile the journal entry to prevent it from appearing in future reconciliations. I'll guide you on how.

1. Go to the Transactions menu and select Chart of Accounts.
2. Find the account and select View Register from the Action column.
3. Search for the journal entry you just created.
4. Select it to expand the view.
5. Tap the box in the Checkmark column until you see an R. This reconciles the journal entry.
6. Click Save.

Once done, your accounts will be balanced, allowing you to proceed with the usual reconciliation steps.

Additionally, you can check this article to learn what to do if QuickBooks doesn't match your bank statement at the end of a reconciliation: Fix issues at the end of a reconciliation in QuickBooks Online.

Furthermore, visit this link to help keep your financial records organized and accurate, manage your business, and meet compliance requirements: Categorize online bank transactions.

Let me know if you have other reconciliation concerns or questions about managing your accounts and transactions in QuickBooks. You can drop a comment below, and I'll gladly help.