Why is my opening balance is incorrect when I try to reconcile?

Legacy KB ID: 154

Question

When I reconcile my bank account the opening balance is different to my bank statement. The ending balance of my last reconciliation report is the same as the opening balance from the bank statement.

Answer

If you have been reconciling regularly and QuickBooks' opening balance is different from the opening balance on your bank statement, here are the two most common causes and their solutions. A transaction in the current statement period was mistakenly cleared. If you clear transactions directly from your account register, you affect the opening balance that displays when you reconcile. Also, if a transaction was mistakenly cleared, the transaction will be on your bank statement, but not shown in QuickBooks' list of uncleared transactions. To correct the transaction, go to the account register to look for the transaction. If the transaction is marked as cleared, select it to remove checkmark. QuickBooks then displays the transaction in the Reconcile window. A previously cleared transaction in your register was changed or deleted between today and the last time you reconciled. All of the transactions with a checkmark in the cleared column make up the opening balance. Adding or modifying cleared transactions affect the opening balance, including: - Voiding or deleting a cleared transaction - Editing the amount of a cleared transaction - Adding a cleared transaction When troubleshooting, think of what you changed recently and see if that change affected your cleared transactions. The following reports may provide you with some clues: - Last reconciliation report. Verify the transactions from the report to see if their cleared status changed since you last reconciled. - Audit Trail report. If the audit trail feature was turned on, you can generate this report and see all changed transactions. When you fix the problem, check your opening balance in the Reconcile window. This should now match your bank statement.

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