A wrong opening balance, missing debits and credits, and improper transactions input- these are some factors, causing inconsistencies between your QuickBooks reports and your bank balance.
QuickBooks software helps in integrating the process to track your business inventory information and client-related data. While you have not found the right bank balances, other QuickBooks elements may result in warnings and errors. To solve the problem, you have to modify the beginning balance. However, you may also manage the ending balance. Lots of users deal with the totals of their inaccurate transactions. After the resolution of the issues, you may reconcile your report and update the changes. this will even help you to avoid the Quickbooks update error 15311.
Adjust your opening balance–
- Find the Company section to choose the option- Make General Journal Entries.
- Enter the right opening-balance amount and the date. Click on the button- Save.
- Choose the Banking menu. Hit the option Reconcile.
- From a drop-down list, you can find an Account. Click on the account, having the right opening balance.
- Choose the field- Statement Date, and then, you can input the date, matching the journal record. You must also enter the Statement Date to the field, named as Ending Balance.
- Hit the button, Continue. Click on Journal Entry, present in the Deposits section.
- Now, you can press the button- Reconcile Now
Reconcile accounts and the right ending balance–
- Click on the option- Reconcile from the Banking menu
- Choose the Account menu. Identify the account, having the wrong ending balance. You can find the transactions to be reconciled.
- Enter the right balance in the field, Ending Balance. Hit the Continue button to update the balance of register.
- Now, select the items of the section- Deposits and Other Credits
- Click on the Leave or Reconcile Now option
- From the Banking menu, you may choose Use Register.
- Find another drop-down list- Select Account. This account displays the wrong balance. Then, you can press the OK button.
- Identify the item, not matching the bank statement amount. Go to the Edit Deposit option for adjusting the amount, needed to be displayed on the statements. However, for removing transactions, you may choose- Delete Deposit
- Input the missing details of your transactions into your bank register
- Go to Window menu for choosing the option Reconcile – [Account Name].
- Verify the newly added items, entered by you into the register. Your bank statement has to match them. Then, hit the button- Reconcile Now.
Thus, you can go through these steps for solving incorrect Quickbooks account balance.