Are you facing the beginning balance reconciling issue in QuickBooks Online? If you have reconciled the account in the past QuickBooks Online, and facing this issue then, don’t worry here in this article we have the solution for you. By which you can troubleshoot easily. If you are ready to know the solution then, read the blog carefully till the end.
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Reconciliation is the process in which the transactions you make match your bank statement or credit card account. However, once you have entered transactions into QuickBooks Online using forms, bank feeds, or other third-party data fetching apps, you will need to consolidate your bank accounts into QuickBooks.
Generally, you will consolidate your checking, savings, and credit card accounts. Whereas QuickBook’s beginning bank accounts reconciliation issue occurs throughout the process and is sometimes reported. Thus, the reconciliation process should be done on a regular basis to check the accuracy of accounting records. Otherwise, these types of small issues will create big problems to manage the business accounts.
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Causes & Solutions for Beginning Balance Reconciling Issue in QuickBooks Online
Here we have given the causes, and solutions for the beginning balance reconciling issue, have a look;
Causes for Beginning Balance Issue
Read the below causes for the issue to avoid future issue.
- This issue basically comes for the reason of someone edited, deleted, moved, or canceled a transaction on a previous transaction. This eliminates the equilibrium and affects the initial equilibrium at your next reconciliation.
- And the second one is someone manually encapsulated a transaction. It will not be visible for review and cannot be added to future reconciliation.
Solutions to Fix Beginning Balance Reconciling Issue in QuickBooks Online
Now follow the below-given instructions to fix the beginning balance reconciling issue in QuickBooks Online.
Step 1: Review the Original Opening and Beginning Balances
First of all, you have to check the balance of the opening and the beginning and make sure that they are correct. Once you know that these are accurate, you can look for other issues. Then, you need to move on step 2.
Step 2: Check your Bank Statement
Here, in this step, you need to make sure that you are reconciling the right account for the right month. Follow these given steps:-
- Firstly, go to the Accounting menu.
- And then, click on the Reconcile option.
- After that, you need to review the account that you selected in the Account drop-down menu.
If you have multiple accounts in the same bank or multiple accounts of the same type in QuickBooks, then you need to be sure you can include the correct one. Then, you need to go on step 3.
Step 3: Match and Categorize the Downloaded Transactions
If your account is connected to online banking, match and categorize all of your downloaded transactions before you start reconciling. Leaving any unreviewed will affect your opening balance. If your account isn’t connected with QuickBooks, then you need to move on to Step 4.
Step 4: Review any Discrepancy Reports
You will see a message when you start harmonizing if you make any changes that affect your initial balance. Then you need to follow the given link to open your discrepancy report. And then use this to decide what and how to make changes. Follow these given steps:-
- First, you need to choose the option We can help you fix it to open your discrepancy report.
- Then, provide a review of the discrepancy report. And before you edit any of the transactions on it, then let’s talk with whoever made the changes, and also they may be intentional.
- Once you know you can make corrections, then you need to edit each transaction on the report one at a time.
- Click on the given option of View to see the history of changes to the transaction.
- And then, you can review the Change Type column. After that, this tells you what changed.
- When you are ready to make edits, then click on the transaction to expand the view option.
- Make edits based on the message in the Change Type column, and all the details related to this step are given below:-
Steps to Amount Changed
When someone edited a reconciled transaction or moved it to another account. Then the steps to fix this process:-
- Click on the option of the transaction to expand the view.
- And then, click on the Edit option to open the form.
- After that, you need to adjust the total or change the account as needed.
- At the last, click on the Save and close option.
Steps to Unreconciled in Register
When someone unreconciled the transaction. Then here the steps to reconcile it again:-
- First, you need to choose the transaction to expand the view.
- After that, select the box in the checkmark column until you see an R. This reconciles the transaction.
- And at the last, click on Save.
Steps of Reconciled in Error
When someone added this transaction to a past reconciliation on accident. Then, you need to remove it so you can add the transaction to your next reconciliation:-
- First, you need to click on the option of the transaction to expand the view.
- And after that, you need to select the box in the checkmark column until it’s blank or you see a C. Then, this process will remove the transaction from the reconciliation.
- And at the last, click on the option of Save.
Steps to Deleted
When someone deleted a reconciled transaction. If this was an accident, recreate the transaction exactly as it appears on your discrepancy report. And follow these given steps:-
- First, you need to click on the option of + New.
- Then, select a form that is an invoice, sales receipt, expense, etc. After that, complete the form and then click on the option of Save and Close
- Go to the Accounting menu option when you are done. And then click on the option of Chart of Accounts.
- After that, you need to find the transaction and then choose it to expand the view.
- Choose the box in the checkmark column until you see an R. And then you need to reconcile the transaction.
- Click on Save. If you still see an alert the next time you reconcile, open the discrepancy report. The deleted transaction may still be on the list, but the difference should be $0.00. It won’t affect your reconciliation.
After you make changes, the total discrepancy difference in the report should be $ 0.00. Your starting balance in QuickBooks should match the starting balance on your bank statement. And then select the Resume reconciling option to continue reconciling.
Step 5: Start Reconciling Again
When you know that your starting balance is right, then you can start reconciling again. And if you have problems during your reconciliation, then follow the steps to review your ending balance. And if you have to follow everything in our cohesion guide but still have questions, then join your accountant. They can help get your reconciliation back on track.
The Final Note
Hopefully, your queries are get resolved by reading our article, and now you are able to fix the beginning balance reconciling issue in QuickBooks Online. Still, if in case, you are getting problems to fix the issue then you can get our ProAdvisor support to troubleshoot your problem and to get faster responses for your query.