January 8, 2017 at 2:58 pm #65343
Thanks you so much for this site! I wish I found it a year ago! I am currently trying to reconcile one of my accounts (I added it towards the end of last year and am manually entering transactions) but the beginning balance is showing as zero. How do I fix this? I changed my beginning deposit in the register but it is not showing on my reconciliation page. I appreciate any assistance.
Aisha ThomasJanuary 8, 2017 at 3:00 pm #65344
Whoops, I meant to add this is for QuickBooks Online software.January 11, 2017 at 10:38 pm #65860
Hi Aisha, thank you for reading our articles!
Whenever you create a new bank account in QuickBooks, it will have a beginning balance of zero unless you enter a balance when you added the account to the chart of accounts list. The only issue is once you save that account, you can’t go back and enter a beginning balance.
With that said, my question for you is what is the beginning balance on your first bank statement for that account? If it is zero, then you can enter all of your transactions from your bank statement and you should be able to reconcile just fine.
However, if the beginning balance is not zero then it probably equals your initial deposit amount. As long as you enter that amount into the register as a deposit, you will still be able to reconcile. (even though your beginning balance shows zero)
Once you have successfully reconciled the very first month, the next month should show the correct beginning balance. I don’t know if you have seen it but we have a video tutorial on how to reconcile your bank account which might be helpful. Check it out here:https://fitsmallbusiness.com/bank-reconciliation-quickbooks-online/
Thanks for the great question and happy reconciling!:)