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ash-karia-aims-c
May 31, 2022
Question

I have posted the TB for 2 yrs - the sum of the two is the banks closing balance of Mar22. What do I need to do to zero this off once I link the bank account from Apr22?

  • May 31, 2022
  • 1 reply
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Mar21 and Mar22 TB's posted for a client migrating from an excel based system to QBO.  I have linked the bank from 01-Apr-22 and now I am stuck with double the cash balance on the balance sheet (Mar21 closing balance + Mar22 movement in bank + bank feed balance).

The retained earning all reconcile to what they need to be as well.

Do I need to do a journal adjustment or have I done the TB uploads incorrectly?

1 reply

AlcaeusF
AlcaeusF
May 31, 2022

Hello @ash-karia-aims-c,

 

Welcome aboard to the Community. I'd be glad to lend a hand with your bank balance concern in QuickBooks Online.

 

Journal entries allow you to move money between accounts and force books to balance in many ways. You can create a journal adjustment to zero out the bank balance.

 

Since the process involves crediting and debiting accounts, I recommend consulting an accountant. They can provide expert advice on the accounts to use and at the same time ensure your books are accurate and error-free.

 

There are times users make mistakes when entering a journal entry. Issues occurs when choosing the incorrect accounts to affect during the process.

 

To learn more about how to undo the transaction by deleting or reversing the entry, you can visit this article: Reverse or delete a journal entry in QuickBooks Online.

 

Drop me a comment below if you have any other questions about entering a journal entry or correcting a trial balance. I'll be happy to help out.

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