Easy Guide to Resolve Beginning balance issues in QuickBooks Desktop

 

QuickBooks users sometimes encounter problems when they try to start reconciling their accounts. These problems can be caused by incorrect balances in the account or recent changes made to the account. This article provides simple solutions to help you fix beginning balance issues in QuickBooks Desktop. So, continue reading until the end for helpful tips.

 

Causes of beginning balance issues in QuickBooks Desktop

The main reasons for the zero balance or beginning balance problem in QuickBooks Desktop are:

●        Account not set up properly, meaning the account balance was not accurately included.

●        Some previously reconciled transactions were voided or changed.

●        Damage to the company data, causing data modification and resulting in the beginning balance issue.

●        Converting the QuickBooks company file from a different version.

 

Methods to fix beginning balance issues in QuickBooks Desktop

The methods to fix the zero balance error in QuickBooks Desktop are:

Solution 1: Fixing the zero balance

To start, you need to recreate the opening balance and then proceed with reconciling the account.

Step 1: Creating a Journal entry

●        Go to the Company tab and select Make General Journal Entries.

●        Correct the statement date in the beginning balance.

●        Choose the account from the Account dropdown menu.

●        Enter the correct opening balance in the Debit column.

●        Select Opening Balance Equity.

●        Click Save.

 

Step 2: Reconciling to fix the Beginning Balance issue

Here is a step-by-step guide to correct the beginning balance:

●        Go to the Banking tab.

●        Select the Reconcile option.

●        Click on the Account dropdown and choose the correct account.

●        Enter the statement date and ending balance correctly, matching the Journal Entry.

●        Click Continue.

●        Navigate to Deposits and Other Credits and select the Journal Entry.

●        Make sure the amount displayed for the difference is zero.

●        Then, proceed to the Reconcile Now button.

 

Solution 2: Fixing an incorrect balance

Step 1: Fixing edited or deleted transactions

To identify the transaction causing the beginning balance issue, you can run one of the following reports:

●        Reconcile Discrepancy

●        Audit Trail

●        Previous Reconciliation

 

Steps to run the Reconcile Discrepancy report in QuickBooks Desktop

Here is a detailed explanation of the procedure to run the Reconcile Discrepancy report:

●        Go to the Reports menu and select Banking.

●        Choose the Reconciliation Discrepancy option.

●        Select the Account you want to reconcile.

●        Click Ok. The screen will display a list of transactions that have been changed since the last reconciliation.

●        Use this Reconcile Discrepancy report to identify the transaction causing the beginning balance issue.

●        Take note of the date and the Entered/Last Modified details of the identified discrepancy.

 

Winding Up!

This article provided three helpful solutions to fix beginning balance issues in QuickBooks Desktop. If you encounter any technical problems, feel free to contact our QuickBooks desktop error support experts. You can reach them by calling the helpline at 1-800-615-2347.