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How to Fix Beginning Balance issues in QuickBooks Desktop?

QuickBooks is one of the most coveted and widely used software for any kind of financial requisites for your business. […]


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QuickBooks is one of the most coveted and widely used software for any kind of financial requisites for your business. Irrespective of the size your business is, QuickBooks can be a perfect fit to manage your finances and accounting needs.

Save Time, Reduce Errors, and Improve Accuracy

Dancing Numbers helps small businesses, entrepreneurs, and CPAs to do smart transferring of data to and from QuickBooks Desktop. Utilize import, export, and delete services of Dancing Numbers software.

Speaking of which, QuickBooks Desktop is a pivotal part of this discussion. At times, while you are using QuickBooks Desktop you might get stuck with challenges in respect to fixing beginning balance issues.

Steps to Fix Beginning Balance Issues in QuickBooks Desktop

This article will help you in understanding how to fix beginning balance issues in QuickBooks Desktop. The following section details each of the steps involved in fixing beginning balance issues in the QuickBooks Desktop.

How to Correct a Zero Balance?

To start with, the first thing to understand is how to correct a zero balance. For correcting a zero balance in QuickBooks Desktop, you need to recreate the opening balance.

Recreate the Opening Balance

This is essential when you reconcile the account for the very first time. Straight away you won’t be able to recreate the opening balance in QuickBooks Desktop since the option to do is not present in the respective Begin Reconciliation window. You have to start by creating a journal entry followed by creating mini-reconciliation so that you can rectify it.

So, the understanding begins by creating a journal entry that will make use of the correct date and amount which you wish to view in the Begin Reconciliation window.

Step 1: Navigate to the Company Menu and choose Make General Journal Entries.

Step 2: Modify the date as of the correct statement date which is fetched from the beginning balance.

Step 3: Pick the appropriate account you would find from the Account drop-down. This would be taken from the first line.

Step 4: In the Debit column, enter the correct opening balance.

Step 5: Choose Opening Balance Equity from the second line.

Step 6: Tap on Save.

For the second fold of this process, you need to perform mini-reconciliation. Doing mini-reconciliation would help you to correct the Beginning Balance in the respective Begin Reconciliation window.

Step 1: Visit the Banking Menu and choose Reconcile.

Step 2: Pick the appropriate account you would find from the Account drop-down.

Step 3: Matching to your Journal Entry, enter the respective statement date and ending balance.

Step 4: Press Continue.

Step 5: Tap on the corresponding Journal Entry under the Deposits and Other Credits section. You would see that the amount which is shown for the Difference would be displayed as zero.

Step 6: Hit Reconcile Now.

To Fix an Incorrect Balance

Correct Edited, Deleted, or Cleared Transactions

Now if you are facing issues with fixing an incorrect balance, the next section is dedicated to the same. Out of the three types of transactions that are correctly edited, deleted or cleared, if you spot any discrepancy, to resolve it you would need to run a few reports.

To spot which of the three transactions is causing the discrepancy you need to run the following reports:

  • Reconcile Discrepancy Report
  • Audit Trail Report

Running Reconcile Discrepancy Report

Step 1: Visit the Reports Menu and choose Banking.

Step 2: Select Reconciliation Discrepancy.

Step 3: Make the selection of the appropriate account and tap on OK. You would find the list of transactions that were modified since the last reconciliation.

Step 4: On locating the discrepancy, take note of the transaction date and the Entered/Last Modified.

Running Audit Trail Report

Step 1: Visit the Reports Menu and choose Banking.

Step 2: Select Reconciliation Discrepancy.

Step 3: Make the selection of the appropriate account which was last reconciled.

Step 4: Tap on the latest statement date and select the option that says, Transactions cleared at the time of reconciliation.

Step 5: Click on Display and make note of the statement and the reconciliation creation date.

Step 6: Visit the Reports Menu and choose Accountant & Taxes followed by clicking on Audit Trail.

Step 7: Adjust the Account Filter to that of the account which was being reconciled.

Step 8: Click on Customize Report.

Step 9: From the Filters tab, Select Account which you would find from the filters.

Step 10: Pick the appropriate account you would find from the Account drop-down.

Step 11: On the Display tab, adjust the Date Filter by setting it to the from field blank along with the to date set to the statement date.

Step 12: Hit OK.

Step 13: Adjust the Entered/Modified Filter by setting it to the from date set to the previous reconciliation creation date which you can get from the PDF, along with the to field as today’s date.

Hope this article has reached its objective of helping you with understanding how to fix beginning balance issues in QuickBooks Desktop.

If you still feel there are some grey areas of understanding how to fix beginning balance issues in QuickBooks Desktop, reach out to the experts who can further help you in a more detailed manner.

Accounting Professionals, CPA, Enterprises, Owners
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Looking for a professional expert to get the right assistance for your problems? Here, we have a team of professional and experienced team members to fix your technical, functional, data transfer, installation, update, upgrade, or data migrations errors. We are here at Dancing Numbers available to assist you with all your queries. To fix these queries you can get in touch with us via a toll-free number
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Frequently Asked Questions (Faqs)

Reconcile an Account but the Beginning Balance is showing as Zero or Incorrect. Why is this Happening?

If you wish to reconcile an account but the Beginning Balance is showing as zero or incorrect on the Begin Reconciliation window, then it must be sourced out of the following reasons:

During Account set-up none of the balance/incorrect balance was entered.
Previously cleared and reconciled transactions must have been voided/deleted/modified.
File conversion has taken place from another QuickBooks version.
Data Damage.

How can I Check for a Discrepancy in the Transactions with the help of the Previous Reconciliation Report?

If you wish to check for a discrepancy in the transactions with the help of the Previous Reconciliation report, then you need to:

Visit the Reports Menu and choose Banking.
Select Reconciliation Discrepancy.
Make the selection of the appropriate account which was last reconciled.
Tap on the latest statement date.
Click on Display.
Make a comparison of this report with the respective past statements that you have from your financial institution.

Features of Dancing Numbers for QuickBooks Desktop

Imports

Imports

Exports

Exports

Deletes

Deletes

Customization

Customization

Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

Customer Transactions

Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


Which file types are supported by Dancing Numbers?

XLS, XLXS, etc., are supported file formats by Dancing Numbers.


What is the pricing range of the Dancing Numbers subscription Plan?

Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


How can I contact the customer service of Dancing Numbers if any issue arises after purchasing?

We provide you support through different channels (Email/Chat/Phone) for your issues, doubts, and queries. We are always available to resolve your issues related to Sales, Technical Queries/Issues, and ON boarding questions in real-time. You can even get the benefits of anytime availability of Premium support for all your issues.


How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

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