You may encounter some issues when you try to run the Begin Reconciliation screen and select an account to reconcile. You either get incorrect data or no data at all.
Now, there are various reasons for this error. Let’s check what those are.
- When you set up the Account, you didn’t put the balance or just inserted the wrong value.
- QB has either voided, deleted or edited the previous transactions you cleared.
- Different QB version was used to convert your Company File.
- The data is corrupt or damaged.
Steps To Correct A Zero Balance
Step 1: Recreating The Opening Balance
You have the option to recreate the opening balance for the first time account reconciliation. But, the Begin Reconciliation screen will not give you this option. To do this, create a journal entry and try mini reconciliation to fix the error.
- Create a journal entry in the Begin Reconciliation screen with an accurate date and amount.
- Navigate to the Company tab from the QB main menu and select Make General Journal Entries.
- Modify the correct statement date of the opening balance.
- Select the required Account from the list of Accounts.
- Go to the debit column and insert the correct opening balance.
- Select Opening Balance Equity on the next line.
- Hit the Save button.
- To modify the opening balance in the Begin Reconciliation window, go for mini reconciliation.
- Tap on Reconcile from the Banking options.
- Choose the required Account from the Account dropdown.
- Insert the date on the statement and closing balance that matches with journal entry you created.
- Tap on the Continue button.
- Navigate to Deposits and Other Credits window. Click on the required Journal Entry. Note: The difference amount must be shown as zero.
- Tap on the Reconcile now button.
Steps To Fix An Incorrect Balance
Modify The Previously Deleted, Edited, Or Cleared Transaction
The below-given reports can be useful to locate the transactions that are causing the discrepancy.
Reconcile Discrepancy Report
- Navigate to the Banking option from the Reports menu—select Reconciliation Discrepancy.
- Choose the required Account and hit OK. This will display the entire transaction list that you edited at the previous reconciliation. This list will help you understand the root of the problem.
- When you locate the transaction that caused the discrepancy, recheck the dates and Entered/Last modified section. It tells when the change has taken place.
Audit Trail Report
- On the QB main menu, navigate to the Reports tab and select Banking. Then, click on Previous Reconciliation.
- Select the accurate amount you wish to reconcile.
- Select the latest statement date. Tap on Transactions Cleared at The Time of Reconciliation option and then click on Display. (This report is displayed in the PDF format).
- Check the statement and make a note of the date of the previous reconciliation.
- Go to the QB main menu. Select the Reports options and then go to the Accountant tab. Click on Audit Trail here.
- Make use of Account filter to reconcile your Account.
- Select Customized Report.
- Go to Filers and choose Account from the options.
- Choose the required Account from the list.
- Go to the Display tab and choose the Date filter with From and To date.
- Hit OK.
- Select the Enter/Modified filter, In the From date space, insert the date of the creation of reconciliation from the PDF. Insert today date in the To space.
- Try to locate the transaction with a discrepancy.
Previous Reconciliation Report
Note: In case you are using the QB Pro version, you can only access the previous reconciliation report. You can use local drives to save other reports in PDF format.
- Navigate to Banking from the Reports menu. Click on Previous Reconciliation.
- Insert the accurate Account and statement ending date.
- Hit the Display option.
- Evaluate your previous report using this report. You can compare both.
Steps To Eliminate Discrepancy
Re-entering or editing the transaction can help you remove the discrepancy. The below-given options can be useful too:
Undo The Last Reconciliation and Rerun It
- Use the backed-up QB company file.
- Go to the Begin Reconciliation screen and choose Undo Last Reconciliation.
- Tap on Continue and OK.
- Shut the Begin Reconciliation Window and rerun.
Allow QuickBooks To Enter An Offsetting Adjustment Despite Of A Discrepancy
Select the Enter Adjustment option to finish the reconciliation even if you get zero difference. QB automatically enters a journal entry for specific accounts including Reconciliation Discrepancies. You can utilize Charts of Accounts to make any changes if necessary.
The following steps will help you to find the journal entry.
- Make use of the Find feature.
- Go to the Edit menu and choose Find.
- Go to Advanced and choose Memo from the filters.
- Just type Balance Adjustment in the blank field and hit the Find button. This will display all the balance adjustments.
- Check the previous reconciliation report.
- Navigate to the Banking tab from the Reports menu. Click on Previous Reconciliation.
- If you see a General Journal Entry at the top of the report, it means that there are some balance adjustments.
Get In Touch With Your Bank For The Banking Issue
Several banking errors may lead to discrepancies. Such banking errors arise when you try to download or import transactions. In such scenarios, get in touch with your bank. A bank associate with a knowledge of QB Bank Feeds will be a great help in this.
There Are Some Limitations For Converting From Other QuickBooks Versions
QB desktop for mac and QB online follow complicated ways to process reconciliation. There is a rare possibility that some of the transactions may not get reconciled and eventually affect the opening balance.
Try Fixing Potentially Damaged Data
It is possible that your QB company file is damaged. However, it is easy to fix with the help of basic data damage troubleshooting steps on your company file.
Contact QuickBooks Support Team
Issues related to opening balance can be easily fixed with the help of given steps. However, we understand that it is quite complicated to resolve such errors, especially when there are a number of transactions. In this kind of scenario, it is suggested to contact our toll-free QuickBooks Support Phone Number +1866-656-1012 to connect with the Intuit certified QuickBooks ProAdvisors of supportforerror.