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February 26, 2021
Question

What tp do ? I connected my CC and Bank to QB it generated an opening balance transaction . My opening balance is 0 and now my reconciliation is off?

  • February 26, 2021
  • 1 reply
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What to do ? I connected my CC and Bank to QB it generated an opening balance transaction . My opening balance is 0 and now my reconciliation is off

1 reply

Tori B
February 26, 2021

Good morning, @zophillc-gmail-c.

 

Thanks for reaching out to the Community for support. I'm happy to lend a hand with your reconcile.

 

If you connect your bank and credit card accounts, QuickBooks automatically downloads your historical transactions up to a certain date. It totals them up and enters the opening balance and date for you. However, since it sounds like your opening balance is incorrect, I've covered some steps to fix it below. 

 

  1. Click the opening balance entry to expand the view.
  2. In the Deposit column, edit the balance, so it matches your bank records.
  3. Hit Save once you've made the changes.

On the other hand, if you don't see the opening balance entry, you can create a Journal Entry to record it. Please note only to use this method if you haven't reconciled the account yet. If you've reconciled it or have questions, you'll need to consult with your accountant. This can get tricky, and your accountant will know the best course of action for you and your business. If you don't have an accountant, don't sweat. You can find one here in our Resource Center

 

I'm including a few handy articles that you may find beneficial below. Feel free to take a look at them to learn the most about reconciles and what to do when things don't work out. 

 

Please let me know if you have further questions or concerns about this process. I'm always around to lend a hand. You can reach out to the Community any time you need assistance. Take care and have a wonderful weekend ahead!