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weebisto
April 11, 2021
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bank feed and opening balances

  • April 11, 2021
  • 1 reply
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Hi, hoping someone can assist.  I am going to set up bank feed after migrating from Sage.  The issue I am anticipating is when I enter opening balances from Sage, which will include bank balance, the bank balance will duplicate when the bank feed is connected from the same date.  Am I right?  If so, what's the solution?

 

Many thanks

Best answer by BettyJaneB

I'd be glad to assist you with your opening balance concern, @weebisto.

 

It's possible that you can have a duplicate balance after you migrate from Sage and connect your bank feed at the same time.

 

Once you connect a bank account in QuickBooks Online, it will automatically create a balance based on the oldest transaction that was downloaded from the bank.

 

However, you can delete the duplicate opening balance entry or edit it if it's showing an incorrect amount. I'll guide you on how to do that: 

  1. Go to the Gear ⚙️ icon at the right top.
  2. Select Chart of Accounts under Your Company.
  3. Locate the account, then click Account history under Action.
  4. Find the opening balance.
  5. You can either delete or edit it.
  6. Click Save and close.

I've added this article for additional information: Fix opening balance issues in QuickBooks Online. This link will also help ensure QuickBooks will match your bank records and reconcile them smoothly

 

Lastly, here's a link that you can scan through to learn more about what are the transactions that will be converted from Sage to QBO: Conversion limitations from Sage 50 to QuickBooks Online.

 

Let me know if there's anything else you need with your bank balance or with QBO. I'll be around to help.

1 reply

BettyJaneB
BettyJaneBAnswer
April 11, 2021

I'd be glad to assist you with your opening balance concern, @weebisto.

 

It's possible that you can have a duplicate balance after you migrate from Sage and connect your bank feed at the same time.

 

Once you connect a bank account in QuickBooks Online, it will automatically create a balance based on the oldest transaction that was downloaded from the bank.

 

However, you can delete the duplicate opening balance entry or edit it if it's showing an incorrect amount. I'll guide you on how to do that: 

  1. Go to the Gear ⚙️ icon at the right top.
  2. Select Chart of Accounts under Your Company.
  3. Locate the account, then click Account history under Action.
  4. Find the opening balance.
  5. You can either delete or edit it.
  6. Click Save and close.

I've added this article for additional information: Fix opening balance issues in QuickBooks Online. This link will also help ensure QuickBooks will match your bank records and reconcile them smoothly

 

Lastly, here's a link that you can scan through to learn more about what are the transactions that will be converted from Sage to QBO: Conversion limitations from Sage 50 to QuickBooks Online.

 

Let me know if there's anything else you need with your bank balance or with QBO. I'll be around to help.

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