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sacwc
March 8, 2023
Question

opening balance negative when we linked bank account with quickbooks

  • March 8, 2023
  • 1 reply
  • 0 views

Hi,

  I have taken over quickbooks maintenance in the year 2022 for my organization and i saw that in august 2021(month our bank account opened first time) has opening balance transaction of 132 dollars and it carried this as negative balance all over the future months. I see that this is an entry in quickbooks under "opening balance equity" category. I am not sure if this is an automated entry by quickbooks during integration with bank account. This amount is being carried over and showing up on all future "statement of financial position". How to update this. I tried to update the entry by changing the value from 132$ to 0$ but it says an alert that account is reconciled already and asking me to proceed or not. What is the best way to deal with this situation. 

1 reply

Rubielyn_J
Rubielyn_J
March 8, 2023

Let me convey the best way to handle a negative opening balance showing in your account, @sacwc.

 

It is possible that this an adjustment made when they reconciled an unbalanced account to zero out the difference. 

 

If you wish to make changes towards the negative amount, it is best to consult your accountant first. This is to ensure that your book will not have any discrepancies. 

 

I'm also sharing these resources you can utilize to help manage your banking transactions in QuickBooks: 

 

 

If you need more help handling a negative opening balance in your account, feel free to come back here. Have a good one!

S
sacwcAuthor
March 8, 2023

Thanks for your response. Just to note before that transaction there was no bank account exists for us. There was no need of reconcile at that time. Do you think is this transaction auto created by quickbooks?

Bryan_M
Bryan_M
March 9, 2023

We appreciate you for coming back to the thread, @sacwc.

 

To clear things out.  QuickBooks Online (QBO) doesn't have an auto-created transaction.

 

Most of the time, if you've set up recurring transactions in your QBO account this causes the auto-created transactions. To check for this, you can review your Audit log report.

 

If you want to review your transactions to let you know what you'll need to change before reconciling, you can read this article: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

Click the Reply button below if you have further questions about managing your QBO transactions. I'll be happy to lend a hand. Take care and enjoy the rest of the week!

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