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J
JessHocutt
September 9, 2021
Question

Bank Register shows deposits as negative

  • September 9, 2021
  • 1 reply
  • 0 views

Total newby to quickbooks and trying to figure it out. When I connected my bank account, my opening balance equity showed up as negative and now everything that goes in also shows as negative.  My Bank balance is showing $6,210.65 but my Quickbooks balance shows -$2,303.85.  How can I fix this and why did it happen? Someone please help!

1 reply

MariaSoledadG
MariaSoledadG
September 9, 2021

Let me guide you on how you can fix the QuickBooks balance issues, JessHocutt.'

 

QuickBooks automatically downloads your historical transactions up to a certain date once you connect your bank account. It totals them up and enters the opening balance and date for you.

 

Sometimes, when you connect your bank account, it goes back 90 days and enters whatever the balance is at that time. Then reconciles the transactions that are causing issues. You'll want to edit the balance in the Deposit column to match your bank records. To do this, follow the steps below: 

  1. In QuickBooks, select the opening balance entry to expand the view.
  2. In the Deposit column, edit the balance so it matches your bank records.
  3. Click Save.

 

For more information, you can check this article for more details: Enter An Opening Balance For An Account in QuickBooks Online.

 

On the other hand, most beginning balance issues are caused by incorrect opening balance. You can also learn more from this article for your guide: Fix Issues the First Time You Reconcile An Account in QuickBooks Online.

 

Fill me in if you have any concerns about opening balances. I'm always right here to help you anytime. 

J
JessHocuttAuthor
September 9, 2021

Thank you for your help.  My opening balance is showing negative but it shouldn't be.  That's the amount I used to open the account.  When I edit, it shows positive but when I save and go back to the register, it shows negative again.  Also, deposits I enter and going in twice, once as a deposit and once as a payment.  So frustrating.

M
Maybelle_S
September 9, 2021

Thanks for coming back to us, @JessHocutt.

 

Let me clarify things out for you about the balance on your bank and in QuickBooks.

 

Once your bank account is connected, the system automatically creates an opening balance. The amount is based on a real-life bank account. Thus, it causes the incorrect balance in QuickBooks. The system's balance also depends on the transactions that you've entered.

 

You can either edit or delete this entry. Simply go to your Chart of Accounts and make changes from there.

 

Here's how:

 

1. Go to the Gear ⚙️ icon at the right top.

2. Select Chart of Accounts under Your Company.

3. Locate the account, then click View Register under Action.

4. Find the opening balance.

5. You can either delete or edit it.

6. When you edit it, make sure to enter a zero amount to fix the opening balance.

7. Click Save and close.

 

You can check this link for additional information: Fix opening balance issues in QuickBooks Online. This link will also help ensure QuickBooks will match your bank records.

 

On the other hand, when it comes to your bank balance, this varies on the transactions that have been cleared from your account. To verify why it is showing as negative, I recommend contacting your financial institution. 

 

I've also added an article that'll help you review your accounts in QuickBooks. This ensures the amounts match your real-life bank and credit card statements: Reconcile Workflow in QuickBooks.

 

Lastly, make sure your books are accurate by putting the credit card transactions in the correct account: Categorize and Match Online Bank Transactions.

 

If I can be of any additional assistance, please don't hesitate to let me know. I'm always here to help you out again.

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