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Buy nowUpdated June 25, 2021 08:34 AM - last edited October 12, 2021 02:45 PM
We’re back with another post about reconciliation. If you want a step by step guide, check out my last article here: How to Reconcile in QuickBooks Online.
There would be no bumps in the road in a perfect world, and everything would work every time. Although we don’t live in an ideal world, you have lots of help here in the Community, and we love looking out for our customers!
Let’s take a look at beginning balance issues. When you’re reconciling an account for the first time, you have to have a good foundation so that your numbers balance out. If you see that your beginning balance is off, no need to fret. Here’s what you need to look at:
1. Review the opening balance in QuickBooks.
2. Compare the opening balance with your real bank account.
If they match, awesome! If not, let’s do a quick edit to correct it:
Take a look at this article for more detailed information: Fix beginning balance issues during your first reconciliation.
Now, if you don't see a nice zero after reconciling, there are a few things that could cause this:
With that being said, where to start? Since we’ve already looked at our beginning and ending balances, now you’ll want to break out that bank statement again. I know that I’ve mentioned this a few times but the information from your bank is always your guiding light through reconciliations. Here are some other things to check out:
1. Combine multiple transactions into a single transaction.
2. Enter transactions that aren't in QuickBooks.
Here’s a great detailed look at these issues and how to fix them: Fix issues at the end of a reconciliation in QuickBooks Online.
And there you have it, folks! A full look at what you might run into during reconciliation. I hope you feel empowered to get all your accounts reconciled so that your books are in order and ready for anything.