Fix Incorrect Beginning Balance Issues in QuickBooks Online

If you are facing the incorrect beginning balance issues in QuickBooks Online reconciliation, you are at the right place. We will look at various ways to handle the issues. But before that, we will try to understand what causes the incorrect beginning balances:

• Deletion of previously reconciled items.
• The amount of previously reconciled items was changed.
• Incorrect balance or zero balance entered at the time of account set up.

How to Review your Beginning Balance for Accounts Reconciled in QuickBooks Online

The below reports can help you out in finding the discrepancies.

Step 1: Reconcile Discrepancy Report

• First of all, Go to the Reports > Banking > Reconciliation Discrepancy.
• Now choose the correct Account > click on Ok. You will get the list of transactions that were entered, and edited since the last reconciliation, you can complete your analysis work here.
• Once you find the discrepancy, note the transaction date, amount, and last modified details.

Step 2: Audit trail report

• Click on reports > Banking > Previous reconciliation > choose the account being reconciled.
• Choose the recent statement date> click on Transactions cleared at the time of reconciliation and then click on Display. Ensure to note down the statement ad creation date.
• Now go to the Reports > Accountant & Taxes > Audit trail. Now set account filters by going to Customize report > filters > choose Account being reconciled.
• Click on Display> enter statement date range > Ok > set enter/modified sorting filter as well.

For correction purposes, you may have to re-enter or edit the incorrect transaction. You can try a few other options as given below:

• Undo a previous reconciliation and again do it: Start this process by backing up your company file and then go to the “Begin reconciliation window”> choose Undo last reconciliation > click continue then OK.
• QuickBooks entering offsetting adjustment: you can ignore the error for the time being and choose “Enter adjustment” to complete the reconciliation. This will lead to the posting of an automatic journal transferring the difference to the reconciliation discrepancy account.

Similar Topic: Fix Reconciliation Problems in QuickBooks

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