Thanks, I started the QB company with the Dec 2016 bank statement, which wasn't zero. I entered the opening balance into the bank account when I set it up. When I went to reconcile the first month of entered transactions the beginning balance in the reconciling window is  negative -$216. How on earth is a negative number showing up?

There usually is an opening balance entry in the checking register.  That will be the balance on the prior bank statement (in your case the opening balance of the Dec 2016 statement).  If there wasn't an opening balance entered in the register it will be off so you have to create it when you first start.  You can of course add it now if it is missing.

Once it is added, click twice on the check mark in the register on that transaction.  This will mark it as reconciled.  Then begin reconciling with the Dec 2016 bank statement.  You may have to undo statements to go back.

Hi - I am having the same problem with the beginning balance being negative for the first month the account is being reconciled BUT the opening balance from the bank matches exactly to the bank statement. There are no other transactions in the register prior to the date of that initial deposit. Please help!

 

I can think of a reason why your beginning balance shows a negative amount, @eas22487.

 

It could be that there's an opening balance equity that was entered incorrectly. We can run a QuickReport to find out what's causing this issue. Here's how:

 

1. Go to List and select Chart of Accounts.
2. Right-click the affected account and select QuickReport.
3. Double-click the negative amount.

 

Once done, edit the amount or update the transaction that's causing the negative beginning balance. Then, go back to the Chart of Accounts and check if it was corrected.

I've also added an article about the reconcile workflow in QuickBooks. This will provide you guides in reconciling your accounts in QuickBooks to keeps things accurate.

If you have any other questions please let me know. I'm always glad to help any way I can.

Hi - Thanks so much for your quick response! I did run this report, but the opening balance entry is correct. In fact, the balance in my register exactly matches the bank statement for the END of the month I am trying to reconcile. So I just have no idea where this transaction might me. Please see the attached screen shots for more info. 

 

 

Hey there, @eas22487. Thanks for reaching back out and providing those screenshots.

 

I see that you're  using QuickBooks Online. The steps provided by my colleague were for QuickBooks Desktop, but the same idea applies. You can find the opening balance transaction by following these steps:

 

1. On the left menu, go to Accounting, then Chart of Accounts.
2. Next to the account you're trying to reconcile, click View Register.
3. Use the Funnel (Filter) icon at the top of your register and select the following:
   • Reconcile Status - Reconciled
4. Look in the list of transactions for an open balance equity transaction and make the necessary edits or updates to correct it.

 

That's all there is to it! If you'd like to learn more about the reconciliation process in QuickBooks Online, I recommend checking out this awesome article.

 

If you run into any other bumps along the road, I'm just a reply away. Have a good week!

Oh I see the problem... because I had some reconciled transactions further on in the year they were affecting the beginning balance. Thank you so much for the help!

 

I am reconciling a bank statement, the beginning balance is showing as the ending balance, the bank statement has 0 for the beginning balance.  What do I do in this case?

I appreciate you for joining the Community, @Val47.

 

Let's work together to fix your beginning balance so you can reconcile your account in QuickBooks Desktop (QBDT).

 

First, let's run either Reconcile Discrepancy, Audit Trail, or Previous Reconciliation report to identify transactions that cause the error. 

 

Next, let's correct the discrepancy. To do that, we might need to edit or re-enter the transactions. We can either:

 

• Undo a previous reconciliation and redo it

1. Let's create a backup of your company file.
2. Go to the Banking menu and click Reconcile.
3. Click Undo Last Reconciliation.
4. When a prompt appears, click Continue and select OK.
5. Close out of reconcile and reopen.

 

• Ignore the discrepancy and let QBDT enter an offsetting adjustment

1. Go to the Accountant menu and select Reconcile.
2. Choose the Account. Enter an Ending Balance and fill out other necessary information.
3. Click Continue.
4. Click Reconcile Now. When prompted with a discrepancy, select Enter Adjustment. QBDT will create a Journal Entry under a special expense account called Reconciliation Discrepancies.

 

For a more detailed guide on how to correct your beginning balance, you can refer to this article: Fix beginning balance issues in QuickBooks Desktop.

 

If everything looks good, you can get a head start on payroll. Here's a guide on what you'll need to do to close out the previous year and prepare for the new one in QBDT: Year-end guide for QuickBooks Desktop.

 

Please keep me updated if you need further assistance with reconciliation by leaving a reply below. I'll be more than willing to provide help. Stay safe!