QuickBooks Reconcile Error - Opening Balance is zero or incorrect

Posted by JASMIN ARYA on July 10th, 2017

QuickBooks Reconcile Error - Opening Balance is zero or incorrect

QuickBooks is an accounting and financial management software that helps to accept business payments, manage bills, pay bills, and execute all payroll functions instantly. But sometimes it fails to overcome all expectations and users of the QuickBooks may experience some errors then it becomes headache for users. We will discuss here one of the most common QuickBooks Reconcile Problems-‘The opening balance seems incorrect’. You can also get more help from an accounting experts of QuickBooks Payroll Support team.

Causes of QuickBooks Reconcile error

After opening the Begin Reconciliation window and choosing of an account to reconcile, the opening balance may be zero or not correct due to any one of the following reasons:

1.  l If you have entered no balance or an incorrect balance.
2. l If reconciled transactions were voided, deleted, or modified.
3. l Due to conversion to a different version of QuickBooks.
4. l Due to damage of data.

Incorrect opening balance: where does the opening balance come from?

First open your register to understand what compose the opening balance in a reconcile statement.

To see status of your each transaction:

First, click on Transactions > Chart of Accounts > View Register

Now you will get a column of transactions displayed with check mark of R or C or blank showing the status as:

• l Status of R in the column influences the opening balance irrespective of date, type, or amount.
• l Status of C or blank in the column fails to affect the opening balance.

Reconcile window beginning balance is zero or incorrect

• If you are reconciling for the first time then here,s how to edit your Beginning Balance to correct the account beginning balance as:
• l Under the Settings heading, Gear icon > Chart of Accounts.
• l Choose View Register for the correct bank account.
• l Click on the Opening Balance Equity transaction once.
• l Click on Edit from the drop down.
• l Correct the Amount.
• l Click on Save and Close.

After following these steps, your reconcile will be updated.

Re-create the opening balance. 

If you reconcile the account for the first time but you have entered an incorrect beginning balance or if you did not enter an opening balance at all then you can create the opening balance with a journal entry then do a mini-reconciliation as:

1.  Create a journal entry using the amount and date you want to see in the Reconciliation window.

• l From the Company menu, click on Make General Journal Entries.
• l Type the date and amount of the opening balance.
• l Click on Save.

2.  Do a mini-reconciliation to correct the Beginning balance in the Reconciliation window.

• l From the Banking menu, click on Reconcile.
• l Click the Account drop-down and choose your account.
• l Enter the statement date and ending balance that match your journal entry.
• l Click on Continue button.
• l In the Deposits and Other Credits section, choose Journal Entry.
• l Click the Reconcile Now button. 

Hope this article will be worthy and helpful for you. To get further help for QuickBooks Bank Reconciliation, dial now 24/7 active QuickBooks Online Support Phone Number +1-855-441-4417. You will get connected to a team of QuickBooks experts having right authority to assist you resolve the issues of QuickBooks Reconcile error instantly.