QuickBooks financial software integrates the process of tracking your business expenses, inventory and client data with a single software application. When any of your bank balances do not show the correct balance, other elements of QuickBooks may prompt you with errors and warnings. To correct the issue, adjust the beginning balance if you didn't enter one when creating your accounts. You can also adjust the ending balance or correct the totals for incorrectly entered transactions. Once you resolve the issues, you can run a reconcile report to update your changes.
Edit Opening Balance
Click the "Company" menu, and select "Make General Journal Entries."
Video of the Day
Provide the date and the amount of the correct opening balance. Click the "Save" button.
Select the "Banking" menu and click "Reconcile."
Choose the "Account" drop-down menu, and select the account with the incorrect opening balance.
Select the "Statement Date" field, and choose the date that matches the journal entry you created. Choose the "Ending Balance" field, and type the ending balance for the journal entry as well.
Click "Continue" and select "Journal Entry" in the Deposits and Other Credits section.
Select the "Reconcile Now" button.
Correct Ending Balance and Reconcile Accounts
Click the "Banking" menu and choose "Reconcile."
Click the "Account" drop-down menu. Select the account with the incorrect ending balance or transactions that you need to reconcile.
Click the "Ending Balance" field, and enter the correct ending balance. Click "Continue" to update the register's balance.
Select all the items in the "Deposits and Other Credits" section that match your bank account statement.
Click the "Reconcile Now" button if all of your transactions add up to a difference of zero. Otherwise, select the "Leave" button.
Click the "Banking" menu and select "Use Register."
Choose the "Select Account" drop-down menu, and select the account with the incorrect balance. Click "OK."
Select any items that don't match the amounts on your bank statement. You can select "Edit Deposit" to change the amounts to reflect those on your statements, or select "Delete Deposit" to remove the transaction.
Enter any missing transactions into the bank register. Make sure to use the correct date of the missing payment or deposit as reflected on your bank account statement.
Click the "Window" menu, and select the "Reconcile - [Account Name]" option. For example, select the "Reconcile - Business Checking" option if you want to reconcile an account named Business Checking.
Check the new items you entered into the register to match them with your bank statement, and click "Reconcile Now."
Information in this article applies to QuickBooks 2013. It may vary slightly or significantly with other versions or products.