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: https://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!!!!!
LuluOctober 31, 2017 at 7:31 pm #114040
My reconciliation window opened with no beginning balance even though the account reconciled last month. What do I do? It has also cleared all of the account reconciled check all the way back to 12/2013. I am at a loss as to what to do to fix it.October 31, 2017 at 7:43 pm #115106
Hi Patti, this might sound basic but make sure that you have selected the correct bank account selected from the drop down at the very top. If you have multiple bank/credit card accounts, you will always have to make sure you are looking at the right one.
If you are looking at the correct account, it sounds like something weird took place within the program. I could not gather whether or not you use QuickBooks Online or Desktop. However, QuickBooks Online has updated their reconciliation tool so that it will alert you that your beginning balance is incorrect when you go in to reconcile the account. It will show you what transactions were changed and help you to fix the beginning balance before your start to reconcile the current month.
If you don’t use QuickBooks Online, you should be able to Undo the previous reconciliation and start over. Again, make sure that anyone else that may be using QuickBooks is not going into the check register and removing the “cleared” tag by accident. This will certainly cause the beginning balance to be out of sync.
I hope this info is helpful. Last but not least, if you are a QBO subscriber, put that free tech support to use and give them a call. The support agents are trained to help troubleshoot this kind of thing.
All the Best-