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L
lking2020
April 21, 2020
Question

Quickbook balance versus actual balance

  • April 21, 2020
  • 1 reply
  • 0 views

I've double checked that my opening balances are correct, and they are.  However, my quickbooks balance is almost double the actual bank balance.  What is the easiest way to determine which transactions have caused this?

1 reply

R
Rochelley
April 21, 2020

Hello @lking2020 ,

 

The easiest way for you to determine what has gone wrong is to print a Trial Balance report.  If all of your opening balances are correct, you should have no balance in your Opening Balance Equity account.  If there is an amount in your OBE account, then there are other accounts that are out as well.  No other way to find out but to compare the QBO opening Trial Balance to the closing Trial Balance from the system you are coming from and make necessary adjustments to your opening balance entries.

 

If you require further assistance, I would be happy to try to help.  It would be helpful if you attached a copy of your Trial Balance as at your opening date, and outlined which accounts you think are out of balance.

 

Good luck!

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