Question

How can i fix a stubborn beginning balance discrepancy?

Forum|Forum|2 years ago
March 30, 2024
3 replies
107 views

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QuickBooks Online

Level 1

Thanks for reaching out to the Community for your concern, hueydunbar. Let me help you rectify your beginning balance discrepancy in QuickBooks Online.

The opening balance is the starting point for accounts in QuickBooks. If it’s incorrect, it affects all future reconciliations. We can undo the reconciliation. Then, fix the beginning balance by searching for the opening balance entry and modifying it through the register.

Additionally, the starting balance figure should match what's on your bank statement for the same starting date. To adjust the beginning balance follow these steps:

Step 1: Review the original opening balance.

Go to Settings ⚙, then Chart of accounts.
Find the account on the list.
Select View register.
Search for the opening balance entry. It should have "Opening Balance Equity" in the Account column.
Take note of the date and balance.

Step 2: Check your bank statement. Ensure that you are reconciling the correct account, especially if you have multiple accounts of the same type at the same bank.

Go to Transactions, then select Reconcile.
Select the account that you want to reconcile from the Account ▼ dropdown.

Step 3: Match and categorize downloaded transactions.

Step 4: Review any discrepancy reports.

I'll include this helpful resource that contains additional information on this process: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

If you ever want to learn more about reconciliation in the future, I've got some resources that might come in handy. Feel free to check them out whenever you can:

I'll be on the lookout for more queries on reconciliation and other QuickBooks-related matters. Stay safe.

C

CoolNumbersAuthor

I'd like to reconcile the whole account from the beginning. how can I remove the entire reconciliation of that one account?

Thanx so much for the info, turns out i made a few errors with adjustments and forgot to correct them during the year past.

Clark_B

QuickBooks Team

Thanks for getting back to the thread, @CoolNumbers.

Allow me to help and provide information for you to remove the entire reconciliation in QuickBooks Online (QBO).

To start with, it's important to note that when reconciling your accounts, you can only undo one transaction at a time. If you need to completely start over or remove the entire reconciliation, it's best to reach out to your accountant. They have access to a special reconciliation tool in QuickBooks Online Accountant that can undo or remove the entire period at once.

To invite your accountant, please follow these steps:

Click the Gear icon in the upper-right corner.
Select Manage Users.
Go to the Accounting Firms tab and click the Invite button.
Enter the accountant's information.
Click Save.
Let your accountant undo the entire reconciliation.

However, if you prefer to do it yourself, you can follow these instructions to undo reconciled transactions one at a time:

Go to the Accounting menu, then select Chart of Accounts.
Find the account and select View Register.
To focus on this task, filter the register to only include the last 60 days of transactions.
Review the check column. If the transaction is reconciled, you’ll see an “R.”
Select the box and click it repeatedly until it's blank. This removes the transaction from the reconciliation.
Select Save and then close your register.

You can find more details in this article: Undo or remove transactions from reconciliations in QBO.

In case you need them while reconciling your accounts, you can bookmark these articles:

Return to this thread if you have further concerns about removing the entire reconciliation. I'll be here to help you in any way I can.

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