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DeeStew
Feb 28, 2023 4:50 PM UTC
Solved

Bank Merger

My bank was bought by another and I'm having problems 'capping' the previous account and opening the new account.  The last reconcilation of the old acct was done on Jan 31, 2023.  I no longer have access to the online February transactions.  I created a new account for the Feb transactions but now my Stmt of Financial position still shows the Previous bank balances...any guidance on how to handle this matter?

MirriamMAnswer
Feb 28, 2023 5:26 PM UTC

Hello there, @DeeStew.

 

You can consider creating a journal entry to remove the previous bank balance from the statement of financial position. Let me guide you through the steps.

 

  1. In your QuickBooks Online, click the + New icon, then select Journal entry
  2. Fill out the necessary information.
  3. Click Save and close.

 

However, since every business is unique, I recommend consulting an accountant before following the steps above to ensure your books are accurate. 

 

For tips and detailed instructions on how to keep your accounts balanced and in order, see this article for future reference: Reconcile an account in QuickBooks Online. It contains topics about the opening balance and the reconciliation process.

 

Please leave a comment if there’s anything else you need. I’m here to provide further assistance. Have a good one!

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1 reply

MirriamMAnswer
Feb 28, 2023 5:26 PM UTC

Hello there, @DeeStew.

 

You can consider creating a journal entry to remove the previous bank balance from the statement of financial position. Let me guide you through the steps.

 

  1. In your QuickBooks Online, click the + New icon, then select Journal entry
  2. Fill out the necessary information.
  3. Click Save and close.

 

However, since every business is unique, I recommend consulting an accountant before following the steps above to ensure your books are accurate. 

 

For tips and detailed instructions on how to keep your accounts balanced and in order, see this article for future reference: Reconcile an account in QuickBooks Online. It contains topics about the opening balance and the reconciliation process.

 

Please leave a comment if there’s anything else you need. I’m here to provide further assistance. Have a good one!

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