Fix Beginning Balance Issues in QuickBooks

The Beginning Balance is either 0 or incorrect when you choose an account to reconcile after starting the reconciliation process.

alance again.

If this is your first time reconciling the account, you can create the opening balance again. To fix it, make a journal entry in QuickBooks Desktop and then reconcile.

Step 1: Create a journal entry

Enter the correct date and amount in the Start Reconciliation window.

• Select Make General Journal Entries under Company.
• Change the current date with the correct statement date of your beginning balance.
• From the Account dropdown, choose the desired account.
• In the Debit column, provide the accurate opening balance.
• Then you have to select Opening Balance Equity and then you have to select Save.

Step 2: Reconcile to correct the Beginning Balance

• You have to go to Banking and choose Reconcile.
• From the Account dropdown, choose the desired account.
• The statement date and closing balance match your Journal Entry.
• Then you have to click Continue.
• Choose the Journal Entry under Deposits and Other Credits.
• Now select Reconcile Now.

Fix an incorrect balance.

Reconcile Discrepancy report

• Begin by going to Reports, then you have to select Banking, and then click on reconciliation Discrepancy.
• After choosing the Account, click OK. A list of transactions that have changed since your last reconciliation will be available to you. To identify which transaction(s) are causing the problem, you have to use this report.
• If a discrepancy is discovered, make a note of the transaction date and the Entered/Last Modified, as this will indicate when the modification was made.

Audit Trail report

• Begin by going to Reports, then you have to select Banking, and then click on Previous Reconciliation.
• Then you have to select the account that you want to reconcile.
• Choose the recent statement date. Select the transactions that were cleared at reconciliation time. (Report shows as a PDF file) then you have to click on Display. Take note of the statement’s creation date and the reconciliation.
• Select Accountant & Taxes from the Reports menu, then Audit Trail.
• To reconcile an account, set the Account filter to that account.
  • Click on Customize Report.
  • Navigate to Filters and select Account from the available options.
  • In the account dropdown, you have to select the account.
• Choose Display. After setting the Date filter to the statement date, leaving the From field empty, and the To date set and then you have to select OK.
• Put today’s date in the To field and the previous reconciliation creation date from the PDF when setting the Entered/Modified filter.

Check to see if any of the reported transactions might explain the difference.

Previous Reconciliation report

You can only access the last reconciliation report if you are using QuickBooks Pro. Save a PDF copy of the other reports to your computer so you have a copy.

• Begin by going to reports, then you have to select Banking, and then click on Previous Reconciliation.
• Click Display after selecting the Account and Statement Ending Date.

This report should be compared to previous financial institution statements.

Correct the discrepancy

You may need to edit or reenter the transactions to fix the QuickBooks bank discrepancy. One of the following options is worth a try:

Undo a previous reconciliation and redo it

• Make a backup of your company file in QuickBooks.
• Proceed to Banking, then select Reconcile.
• Click on Undo Previous Reconciliation.
• Choose OK after choosing Continue when requested.
• You have to close out of reconcile and then you can open it again.

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