Correct beginning balance in QBO

correct beginning balance

Beginning Balance off?  How do you get the correct beginning balance? You think to yourself, "I don't remember changing any cleared transactions? How can it be off?"  And then you think, "How the the heck to I put it back?"  Do you need these binoculars to search for the answer????

Correct Beginning Balance:  Find your difference

So it will take a bit of investigative work to find the transaction that was changed and/or deleted.  QuickBooks Online (QBO) makes this investigating very easy to find the offending transaction.  As you will see in the video, you will have a warning box in yellow that will show you exactly which transaction(s) were changed or modified or removed after the bank or credit card account was reconciled last.  

Correct Beginning Balance:  Re-reconcile the changed/reinstated transaction

So, you have two options here.  

You can just re-reconcile these when you do the next reconciliation.  Select your checks and deposits, make sure they total and then re-reconcile what became un-reconciled (after making any necessary adjustments).  Or...

You can force the transactions that became unreconciled to re-reconcile as demonstrated in the video.  Then your error message will disappear and you can reconcile the month as you normally would.  This is my preferred method (even though QBO warns you not to) because it gives me a bank reconciliation statement that is more normal to the transactions for that period that were cleared.  But either method works.

Correct Beginning Balance:  Manually undo a bank reconciliation

If it is just a complete mess, see this other post in regard to manually undoing a bank reconciliation.  Sometimes, you just have to go back.  If you know a ProAdvisor or CPA that has QuickBooks Online Accountant version, we can easily undo a bank reconciliation for you. 

You can always reach out to me and for a minimal charge, I can do that for you.   It does require you to give the person an "accountant user" permission.  We do this via a shared screen so that you are absolutely sure this is what you want to do.  There are plenty of warnings in the system and it does give you the beginning balance before you undo it.  And perhaps, I could help you discover the problem without having to undo things.  It is a service we provide here at Artesani Bookkeeping.  

Last piece of advice: Take a break

If you find you are at wits end trying to reconcile, and you have checked everything and cannot figure out what is wrong, just walk away from it.  For one day.  I cannot tell you how many times in my career, I have done this.  Especially if it is a big bank rec.  After awhile, tired eyes and a tired brain just need a break.  The next day, fresh eyes can see so much more.  Here is a good video from Intuit (aka QBO) that demonstrates how to reconcile your bank account.

If you have any questions or would like to see a future video on another topic, please reach out to me on Facebook.

Lynda Artesani

Lynda Artesani is the president of Artesani Bookkeeping where she uses her expertise and organizational skills to help her clients thrive and become profitable. Lynda is a member of the Intuit Trainer Writer Network. She is an alumni member of the Intuit Advisory Board. Additionally, she is the first Expert Columnist for the QB Community forum. She is also a co-founder in a Facebook group called QB Community Live!