What To Do When Opening Balance Doesn’t Match the Bank Statement
Aug 9, 2021 11:00:00 AM Kathy Dise QuickBooks, Financial Management
Have no fear! When the opening balance does not match the bank statement, there are two common reasons: If a previously reconciled transaction was deleted, re-enter it to its original state. If not, make these changes then check your opening balance and restart your reconcile. In the bank account register, click the grey Customize button (upper left corner) > Show: Not Reconciled or Cleared > Ok. This will show any transactions which may have been entered erroneously or as duplicates. To clear these up, simply click on the transaction > Edit > make the adjustment to the account or click More > Delete if the transaction is a duplicate. Confirm the change.
In order to track down what is going on here, the following strategies may be helpful in uncovering the discrepancy(ies).Easiest Fix
View the Changed Transactions Report
To see what transactions have changed since the last reconciliation, use the Reconciliation Discrepancy Report.
If you're able to locate the transaction(s) using the changed transactions report, while in the report, select the transaction(s) to edit them. View the register to correct the status (R, C or Blank) and re-start the reconcile.Check for Deleted and Changed Transactions since the last Bank Reconciliation
The resulting list is a list of changes made since the last bank.Scan the list for a deleted or changed transaction. Correct the transaction and finish reconciling.Check for Duplicate Transactions
ONLINE
DESKTOP
In the bank account register, click the Sort by button at the bottom left. Use the drop down button to sort by Cleared Status. This will show any transactions which may have been entered erroneously or as duplicates at the end of the register. These transactions will not have a notation in the column to the left of Deposits. To clear these up, simply right click on the transition, Delete if the transaction is a duplicate.
Check the Opening Balance Equity
To make sure that the beginning balance is accurate. If the OBE is inaccurate, click on the transaction > Edit > make the balance adjustment > confirm the change.
Check for Errors from Bringing in Transactions from Banking Sync
ONLINE
Go to the QuickBooks section of the Banking Transactions tab to make sure that there were not any erroneous transfers taking place while Adding/Matching. If there are, click on the Transfer and make the necessary adjustments.
Verify Uncleared Transactions
Expenses or Income --but which were recorded within the system--should be verified. Sometimes a transaction, which was marked Paid in the system, can be stalled with the bank. In this situation, either contact the bank about the matter or wait for the transaction to post.
If you still need help, give BudgetEase a call. Having an incorrect opening balances is one of our most common situations that we come across.
Written by Kathy Dise
Kathy has over 30 years experience helping small businesses succeed. As a commercial lender, commercialization expert and now as a QuickBooks diamond level advisor, Kathy understands the challenges small business owners face. Her experience helps business owners quickly accomplish their financial goals. As the owner of BudgetEase, Kathy works with clients to develop a plan to efficiently process 1,000s of small transactions so owners can make informed decisions. She lives in Shaker Heights, OH with her husband Ralph and enjoys golf, curling and walking in Cleveland’s fabulous Metro Parks.