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Nikhil3
July 20, 2022
Question

Bank reconciliation opening balance situation for a new bank account

  • July 20, 2022
  • 1 reply
  • 0 views

Hello,

Attached is a screenshot of a bank reconciliation for a new bank account. Since it is new, there should not be an opening balance. However, QuickBooks has provided an opening balance which I am not certain about in terms of its origination. I am also not certain on how to resolve this. There is no "Opening Balance Equity" in the trial balance as well. 

 

Any advice on how to resolve this will be highly appreciated.

Thanks!

1 reply

J
JamesM4
July 21, 2022

Hi Nikhil3,

 

Reconciliation can be a lengthy process and I'm glad you're using QuickBooks to help streamline this process. QuickBooks is designed to help you save time so you can do the things that you enjoy the most. I'll be glad to share more information about reconciling your accounts. 

 

Based on what you've shared, I highly recommend getting in touch with an accounting professional for expert advice on how to handle the transactions. If you're not in contact with a professional, don't worry, you can search for one using this link here. Otherwise, I recommend you to check out these helpful resources with more info about reconciling in QuickBooks:

 

 

I encourage you to go through the articles above as they provide helpful information which will help you complete your reconciliation with ease. If you have questions, don't hesitate to reach back to me here. Otherwise, I wish you a great rest of the week!

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