Fix Issues with Beginning Balance in QuickBooks Online

Your beginning balance problems should be resolved by adjusting the opening balance. To begin reconciling your account for the first time, go over the following. A different set of items to check is provided here if the account has already been reconciled. Also, if you’re unfamiliar with the full process.

Step 1: Review the opening balance in QuickBooks

Verify the account you are reconciling and double-check by looking at the opening balance. Transactions that were pending when you opened the account may sometimes not be included in the opening balance. The balance in your bank account on the day you decide to begin keeping track of transactions is known as the opening balance.

You have to go to Settings, then you have to select Chart of Accounts.
Then you have to find the account on the list.
Click View registration.
Look for the entry for the starting balance. “Opening Balance Equity” ought to be listed in the Account column.
Then you can take note of the date and balance.

Step 2: Compare the opening balance with your real-life account

Now you know the date of the opening balance amount and date in QuickBooks. Verify it with your bank records.

Find your bank statement or log on to your bank’s website.
Verify in QuickBooks the account balance for the same day as the opening balance.
Then compare the two balances

You entered the opening balance accurately if the balances match. Proceed to Step 3.

Make the necessary corrections if the opening balance in QuickBooks differs from your bank records:

To expand the view in QuickBooks, choose the opening balance entry.
Adjust the balance in the Deposit column to reflect the information from your bank.
Click Save.

Step 3: Review your account Register

Upon first reconciling an account, the opening balance is the sole item that is verified as correct. Reconciling any other transactions is not necessary. To make sure:

Begin by going to Settings then go to Chart of Accounts.
On the list, find the account.
To view further information, select View Register.
Look for the entry for the starting balance. “Opening Balance Equity” ought to be listed in the Account column.
There should be an R in the checkbox column.
Check the other transactions. Either a C or a blank should appear in the checkmark column.
Select the transaction to enlarge the screen if any other transactions have an R.
In the checkmark column, select the box. Continue checking it out until the box is empty. Next, choose Save.

Conclusion

We have mentioned the important steps in the above article related to fixing beginning balance issues in QuickBooks. Still, if you face any query then you can call the help desk any time. The help desk team is available round the clock.