Question

I have switched banks and need to update my bank account. Wherr can I do this at?

Forum|Forum|5 years ago
September 2, 2020
2 replies
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QuickBooks Online

in the chart of accounts you create a new bank account and link it.

In the old bank account transfer the funds from old to new if that is what you did in real life, then make the old account inactive after the next recon.

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Pete_Mc

Sounds like you simply need to do the following:

Create a New Account in your Chart of Accounts for the new Bank
If you ran Bank Feed when you set it up, the first Deposit may be attached to Open Balance Equity. Change that to the Old Bank or where ever the money for the first deposit came from. If you did not run Bank Feed, manually show the Transfer (XFER) from the Old Bank to the New Bank.
If you did change the New Bank's first deposit to the Old Bank Acct, in theory the Balance should be $0.00. If not, figure out why it is not. There could still be outstanding transactions, but if you closed the Old Bank Acct, the balance should be $0.00.
Reconcile the Old Bank Acct, but you may not want to make it Inactive until the end of the year. You can also leave the Bank Feed running just in case there is some unexpected activity. (Low balance fee because the bank didn't really close the account, returned check, etc. Then you can get these worked out right away with the bank.)
At some point, be sure to edit the Old Bank and Deactivate all the Online Services. Eventually make the Acct Inactive.

S

SunsetOnMain

I probably did this incorrectly, but not sure what to do now. In October 2020 Bank B purchased our existing Bank A. I setup checking, saving and saving reserve accounts in QB for Bank B and established a "beginning balance equity" as instructed by QB. In looking at the Balance Statement, there were still entries for Bank A and I tried zeroing them out by using Company --> Chart of Accounts --> reconcile and specify a $0 balance. The result worked for the Balance Statement, but the P&L statement shows all these JEs as "Reconciliation Discrepancies" and show up as "expense" on the P&L Statement. Suggestions on how to fix this?

I haven't used this forum before, but my email is [email address removed]

DivinaMercy_N

Welcome to the QuickBooks Community, @SunsetOnMain.

I've got some steps to help you fix your P&L statement. First, you'll have to undo the reconciliation, you can also consult your accountant to help you with the process. They use a specific tool to batch undo the reconciled transactions. If you're not affiliated with one, you can use our Find an Accountant tool to look for a Pro-Advisor near your area.

Once done, review all the transactions and the balance of your account. Let me guide you on the process:

Double-check the opening balance for the account you're reconciling.
Go to the Accounting menu, then select Chart of Accounts.
Look for the account on the list and click View register.
Search for the opening balance entry. It should have "Opening Balance Equity" in the Account column.
Take note of the date and balance.
When done, compare your QuickBooks opening balance with your real-life account.
Once everything is correct, you can start reconciling again.

For more info about reconciling your transactions in QuickBooks, please visit this article: Reconcile workflow in QuickBooks.

With the suggested steps above, I also suggest reaching out to your accountant to guide you in the process.

When the reconciliation is finished, you can pull up a reconciliation report to have a summary of your beginning and ending balances and lists of cleared and uncleared transactions in QBO.

If you have further questions about fixing your P&L statement in QuickBooks, feel free to post again here. I'm always around to help you. Have a great day ahead.

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