I am trying to reconcile for the first time, and my 'Opening balance' reads 0.00.
I know that my records were perfect at the close of 2010, so I am starting to reconcile with January, 2011, but shouldn't QB have some amount of money in this column?
Yes, it should be your ending balance from the last reconcile.
Hi
Is the account you want to reconcile, selected in the "Account to Reconcile" window, if not use the pull down list tab to select it.
Good luck
Ron Haas
If you are reconciling for the first time and didn't enter an Opening Balance when creating the account it will show as $0.00. You may need to enter a single transaction to account for the opening balance. Make sure to click into the ✓ column to mark the transaction as cleared.
(If you were to create a new account with an opening balance QuickBooks would use Opening Balance Equity as the offset account, but since you've been using the file for a while you may choose to use a different account. Check with your accountant if unsure.)
Sharon,
This worked! Thank you. There were a few transactions from 2010 that I 'checked' then I typed in my 'opening balance' for January 1, 2011. After that, as I reconciled each month, the correct amount would appear in opening balance.
Thank you!
