This topic contains 1 reply, has 1 voice, and was last updated by Lulu 5 months, 2 weeks ago.
February 1, 2017 at 2:00 am #68800
I received the following question today:
I am using QB online for an small business. I found your website and it is awesome. It helped me a lot. But still having questions. Right now I have a difference between QB and the bank statements, I want to reconcile them month by month, but the program does not let me enter the beginning balance for each month. I would like to know how can I do it, because when I hit the reconciliation button, the beginning balance box is already set up, and unable to edit.
Here is my response:
There are several reasons why the beginning balance in the reconciliation window does not match your bank statement.
Have you ever reconciled this bank account before?
If the answer is Yes, then more than likely the last time the account was reconciled it was not done correctly. I suggest that you go back to that bank statement and see if the ending balance on the bank statement matches the beginning balance in QuickBooks. If it does not, then you need to Undo the previous month’s reconciliation. (type undo reconciliation in the Help menu in QuickBooks for the instructions.)
If the answer is No, then more than likely the wrong beginning balance was entered when the bank account was set up. To correct the beginning balance, go to the chart of accounts and double click on the bank account and the bank account register will open. Scroll all the way to the very top and look at the very first date and amount that appears in the register. It should be the beginning balance. You can change the beginning balance that is currently there.
Once you have corrected the beginning balance, it should always be correct as long as you have a difference of zero each month that you reconcile your bank account.
Be sure to check out our QuickBooks Online Tutorial on how to reconcile your bank account. Here is the link: http://fitsmallbusiness.com/bank-reconciliation-quickbooks-online/
Feel free to reply to this post if you have any additional questions.
Thank you for reading!
CrystalynnFebruary 1, 2017 at 2:29 am #68802
Thanks for your respond.
I am still having problems with this reconciliation.
I did what you told me: went to the chart of account, looked the 1st transaction and it is a deposit for $100 so I can not change that to zero. In my bank statement the beginning balance for last year is zero, so I do not know how to get that zero.
I am so upset I have a difference of $15 000 I looked month by month and I have the same transactions in QB and in the statement, so I have not idea why that big difference.
Waiting for your answers!!!!!