Be it an error or any missing transaction, your smallest mistake can bring huge variation within your books of accounts. If you are setting things manually, then one change in any previous entry can bring a whole lot of other changes, but the same is not true for QuickBooks since it’s automated. Want to make your accounting life easier, use QuickBooks. With that said, let’s check out “How to change beginning balance in QuickBooks reconciliation.”
There may be times that you want to reconcile and you see an incorrect beginning balance. Your QuickBooks reconciliation window may show you zero or some incorrect opening balance because of:
Since there are multiple reasons for why you see changing beginning balance in QuickBooks reconciliation thus there are multiple solutions. Let’s check them out all one by one.
First thing first, you cannot edit beginning balance within your QuickBooks reconciliation section.
You heard us right, opening balance cannot be edited directly in the reconciliation window. A journal entry will have to be passed first for your beginning balance which will then be followed by a reconciled entry. Here are the steps on how to change beginning balance in QuickBooks reconciliation.
If you suspect that the cause of error “Beginning balance not showing in QuickBooks reconciliation” is deleted or modified transaction then:
Run the Reconciliation discrepancy report:
To look for any changes done recently you would need to run the reconciliation discrepancy report. This report helps you track all the changes or modifications done in the recent past and can be easily accessed from the bank’s tab. Click on the link to know more on “How to fix a reconciliation discrepancy in QuickBooks”.
Run the audit trail report:
If multiple users are working on your QuickBooks then it becomes all more important to track any changes made. By running the audit trail report, you get access to that every info, activity or changes done by users of QuickBooks. If you don’t know “How to run an audit trail in QuickBooks”, then choose the link provided and follow the steps.
Once you have found the possible cause of the error, simply edit your transactions to fix your transaction. When once done your beginning balance will be corrected in your QuickBooks reconciliation.
If the entry has been messed up by your bank then you would need to contact your banks represented to get your issue fixed by the bank.
You would need to understand that every version of QuickBooks works differently. For example, QuickBooks desktop will be different from QuickBooks enterprise. Migrating from one version of QuickBooks to another will often lead to loss of reconciled entries. Thus if you have recently migrated or upgraded your software then do look for the possible changes. Match before and after entries and create a reconciled transaction to match your accounting figures.
Hope you are now able to figure out “How to change beginning balance in QuickBooks reconciliation”. If you are still facing issues with your opening balance then we would request you to get our expert help.
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