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A
abdoolarif
March 8, 2023
Question

Can I start over in QuickBooks without losing all the information? If majority of my balances are wrong what should I do?

  • March 8, 2023
  • 1 reply
  • 0 views
Good day,

The balances in my QuickBooks are incorrect. How do I know this? We practice double accounting in my company using excel and the balances doesn't match and after review excel is deemed correct. However only the CBS is correct in QuickBooks and I do not wish to lose that information. How should I go about fixing this while saving time? I would like to get all my balances and correct accounts in tact. 

Thank You

1 reply

L
LeizylM
March 8, 2023

Hi there, abdoolarif. 

 

I can share a couple of details to ensure you can manage your QuickBooks data. 

 

To fix this, you'll want to perform a reconciliation. This way, they always match your bank and credit card statements. 

 

Here's how:

 

  1. Select Accounting from the left menu then Reconcile.
  2. Click Get started to continue.
  3. From the Account ▼ dropdown, select the account you want to reconcile. Make sure it's the same one on your statement.
  4. Review the Beginning balance and enter the Ending balance with the Ending date on your statement. 
  5. Once ready, select Start reconciling.

 

Here's an article for the instructions: Reconcile an account in QuickBooks Online.

 

If your QuickBooks account doesn't match your bank statement at the end of reconciliation, please check this article: Fix issues when you're reconciling accounts in QuickBooks Online. This contains steps on how to fix the difference.

 

Let me know if you need further guidance in reconciling your account. I'm always here to help. Have a great rest of the day!

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