QBO - Issue with Starting Balance on Reconciliation (1st Reconciliation) https://www.useloom.com/share/7b25491dbe9145748010a8556086a1e3 Any Ideas?

Answer

No worries dlee, I'll help you take that issue out of your account.

For the first time reconciliation process in QuickBooks Online (QBO), Starting Balance automates depending on the actions you have taken when you created the account in Chart of Accounts. Let me list you some reasons.

  • Connecting the Bank to Online Banking - QBO creates an Opening Balance transaction based on the date of the oldest transaction that will be downloaded from the Bank.
  • Manual Creation - If you have manually created a transaction and mistakenly or purposely marked it from the Register as Reconciled {R}.
  • Creating Bank account - When you create a Bank account in Chart of Accounts there is a Opening Balance box, for you to have the running balance.

To correct the starting balance, I'll show you an easy steps to follow.

  1. Click Accounting .
  2. select Chart of Account.
  3. Look for the bank account you want to get fixed, and hit View Register.
  4. On the header of the Register, click on the Check column header {} to sort.(See Screenshot)

This will sort the transaction from their Reconciliation Status. Once you see a transaction that is marked as reconciled. That you means that you have found the source of your Starting Balance. It's either you delete or edit this transaction.

Keep in mind that all of the transaction that is Reconciled {R} will always total the Opening Balance of the current Reconciliation period. 

Get me posted if you have any other questions. 

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IntuitAphylis , Community Support Specialist
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