Balance Beginnings

[Christa Voth]

Iam starting with new units and canceled units, and need to add a beginning balance and ending balance column, where "Beginning Balance" = the previous row's ending balance, and where "Ending Balance" = "Beginning Balance + New Units - Canceled Units"

I am using TurboTax Business for my partnership LLC and need to complete Balance Sheet since it is required for my State filing. I switched from single member to partnership during the year so this is the first year for 1065.

Right now my book records shows Assets = Liabilities + Capital status and the same in TurboTax Business. But TurboTax Business shows me "your beginning balance sheet is not in balance" and here

Total Beginning Assets = 0 while Total Beginning Liabilities and Partner Capital shows the opening balance amount that was in my bank account. I assume the reason for beginning assets = 0 is because this is the first year. I entered the opening balance to the Partner Capital for end of year.

Hello. For the below raw data I am trying to maintain a waterfall calculation by providing a beginning and ending balance for month, quarter and year. But not sure how to accomplish it, please can you advise.

I just spent several days fixing the reconciliation on 2 of my credit card accounts. Frankly it never occured to me that the beginning balance from several years ago could change and throw off the current reconciliation. I found a post that confirmed that this was the case with Bank of America. Very frustrating. I wasted several days work on a problem that shouldn't have happened at all. Terrible customer service. Quicken should prioritize fixing this problem and notifying customers of the possibility so they don't waste their time.

Please advise if others are seeing similar behavior and if any solution has been found. I note that this is a "known" issue, but known only to the community - or also to Quicken developers/sustainers?

Note that this the first I have heard of your problem, but none of the SuperUsers use the mobile/web apps except for testing, because they don't trust them. So, the people that do use them daily like you would most likely know more about problems like this.

Yes, IMHO it's a bug and it's about time that the programmers learned to stay away from the Opening Balance transaction (except when creating a new account register on the fly from a download when there is/was no Opening Balance transaction present in the register or the download)

This has literally robbed dozens of hours from me over the last few months when I cannot get things to reconcile. I am about to the point where I am either going to stop using quicken altogether, or at least stop using the web app (as convenient as it is - bad data trumps convenience).

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Starting a new job has indeed been an adventure, filled with countless learning curves. I'm realizing that it's not just about mastering the job itself, but also about finding balance in my new schedule, navigating unfamiliar environments, and discovering who I am in this role. This has included adapting my morning routine.

As I've settled into this new role, I quickly realized that trying to stick to my old morning habits by moving them up three hours was making me feel drained. Waking up at 5:15 AM to squeeze in a class simply wasn't sustainable anymore. Similarly, my resolve to gulp down coffee, shower, and then plunge into work was leaving me feeling too depleted to catch an evening class.

This week, I had a heart-to-heart with myself and made a conscious decision to give myself a break by committing to 20 minutes every morning: 10 minutes of meditation followed by a 10-minute stretching session. It's a way for me to nurture my body and honor its needs, until I can get into a studio at a new time that makes sense. And guess what? I've already noticed the difference. Just that little bit of movement and intention activates me to be ready to start my day. VeryWellMind offers some additional strategies for setting up an effective morning routine.

I'm learning that starting something new sometimes requires us to take a closer look at our daily routine. And embracing change means not stubbornly clinging to old habits that no longer serve you and essentially punishing yourself with your own inflexibility.

Is there anyway you can tell me how you fixed this in detail? I am having the same problem but cannot see anything I have done wrong. It changed it all the way back to my original start date in 2015. Any help is appreciated :)

Reconciliation Discrepancies are caused by modified transactions and adjustments from previous reconciliation. We can review reports to determine the transaction that's causing the problem. You can browse these articles for more information:

How to you "change" a deleted transaction (causing beginning balance to be off). I've added it back in manually, and account still won't reconcile showing beginning balance off by the same amount, regardless of my re-inputting the expense.

I appreciate you for recreating the deleted expense. Doing this won't automatically reconcile your account. With this, you'll have to perform the special reconciliation process again, so it fixes the beginning balance difference. This also ensures your account in QuickBooks matches your bank statement. For detailed instructions, go through this article: Reconcile Bank and Credit Card Account.

This is the way it is supposed to be when QB is in order. But not what is happening for me. No reconciled transaction has been changed. Twice now I have had this problem on accounts for which I downloaded transactions from my bank/credit card. This seems to cause some data problem. Once I had my balance thrown off after a crash. Ruined my beginning balances going back three years.

Your thinking is the reverse of my problem. It does not throw off all subsequent balances. It throws off all Previous balances. Going back years. This seems like a glitch. Usually my data tests as bad. But rebuilding data does not solve the problem.

Since there are no changes to your reconciled transactions and the problem persists after running Verify/Rebuild Data utility, I recommend running the QuickBooks Tool Hub. It also helps fix issues related to the program.

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Hi,

We setup a new company last year and now I notice that the year end balance on a few GL accounts (period 12) does not not match the beginning balance of the new year (period 0).

It seems the bankentries in the first month of use somehow did get entered in the previous year - are part of the balance/P&L of that year (so all is OK there)- but these are not part of the beginning balance this year.

I assume some of the settings were not right at the begiining which caused this issue, but cannot find what it was.

Just adding an adjustment journal entry to period 1 in this year causes problems when we compare figures of course.

Any idea what went wrong and how to adjust?

thanks Mark

@markv I would run transfer Opening Balances to Next year again. Epicor does an auto transfer when it detects entries in period 1, but you will need to run the process manually to see if it will fix the issue.

I need help about Bank Account balance. I just started using this program and find a weird problem.

I was transferring my data to Manager and input the beginning balance of my bank accounts.

Currently I use 2 bank accounts. Lets say those are Bank A with $100 in it and Bank B with $50 in it.

The problem is when I generate a Balance Sheet report for beginning balance, the Cash in bank showed that amount in Bank B is calculated twice.

How did you add your bank accounts? Your statement that balances showed under Cash in Bank X suggests you created them outside the Bank Accounts tab. If they are created properly, they will show under Cash at Bank as subsidiary ledgers (unless you took the fairly unusual step of putting each in its own custom control account, which most beginning users would not). See this Guide: Manager Guides.

Your software is not up to date, or else you are using two different versions of Manager. I can tell this because your bank account entry screens show the checkbox for starting balance. This does not show on current version of the program. The starting balance can only be entered under Settings => Starting Balances.

I already create 2 bank accounts in the Bank Accounts Tab

I use the v18.1 at that time when I set those up. And just like I said, there are no such Starting Balance menu when I go to Settings. So, I input the beginning balance on the COA.

read the guides on setting up your chart of accounts and how to set a control account.

moreover if you are not familiar with something, create a test business and check things before doing the same on your business file.

Sorry for my mistatement about that COA, I input that starting balance on Bank Accounts tab, just like what you said. (It showed on my SS too)

So, with this configuration, that Cash at Bank automatic accounts only show the sum of all my bank accounts? There are no configuration to show detailed number of each bank accounts on balance sheet report? Are there any options so I can show them on report?

Your various bank account balances will be visible by clicking the Bank Accounts tab. Or, on the Balance Sheet, you can drill down by clicking the Cash at bank balance. Or, as I said before, you can create custom control accounts for all your individual bank accounts. Then they will show on the balance sheet.

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