Skip to main content
C
casualheroescard
November 12, 2022
Question

I have two bank accounts because of a mechanical issue within vystar. How do I get these two accounts back on track?

  • November 12, 2022
  • 1 reply
  • 0 views
There was a change in it for VyStar credit Union and I was forced to manually load transactions for about 4 months. Well now the issues within five star are gone I have one bank account that's reconciled through June 30th that has a gigantic negative number and One bank account that for some reason buy Star started brand new account once it was able to load the transactions automatically. How do I get my books straightened out again

1 reply

Daniela_A
Daniela_A
November 12, 2022

That sound's really challenging, @casualheroescard.

 

Allow me to share some insights to make your books back on track. 

 

We can choose either one of the bank accounts to use moving forward and remove the other one. And to get your books straight out again, we can fix the negative balance of the bank account during reconciliation. 

 

When reconciling an account in QBO, we'll need to make sure that the opening balance is correct since it's the starting point for accounts. Once it's incorrect, it affects all following reconciliations. Also, each time you reconcile be sure to check the beginning balance if it matches your bank statement for the same start day. If it doesn't, we can review the following to fix it:
 

  • Review the original opening balance before the beginning balance.
  • Check your bank statement to ensure you're reconciling the correct accounts.
  • Match and categorize downloaded transactions to get the final correct beginning balance.
  • Review any discrepancy reports, if you made changes that affects your beginning balance, you'll get an error message that says, "Your account isn't ready to reconcile yet."

Here's how to view discrepancy reports:

 

  1. Go to the Accounting menu.
  2. Select Reconcile.
  3. Select the We can help you fix it link to open your discrepancy report.
  4. Review the discrepancy report, for you to decide if and how to make changes.
  5. Before making changes be sure to confirm it the changes are intentional or not.

If you know you need to make corrections, review each transaction on the report one at a time:
 

  1. Select View to see the history of changes to the transaction.
  2. Review the Change Type column. This tells you what changed.
  3. Update it based on the message in the Change Type column.

You may want to read this article for additional information: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

If everything is ready and your beginning balance is accurate, you can start reconciling an account.

 

Please feel free to mention me in this thread if you need further assistance with your books. Have a great weekend! 

Terms & ConditionsAccessibility statement