Skip to main content
B
Bleekes
February 27, 2023
Question

Migration from QB Pro Desktop to QBO error in balances

  • February 27, 2023
  • 1 reply
  • 0 views

I just migrated my company file from Desktop Pro 2023 to QBO, I have 10+ years of data that I'm migrating. There are two errors that I need to know how to fix. An old bank account that was closed in 2018 is now showing a debit balance of $2200.  My Retained Earnings account is showing a balance that is under what it should be by $2200.

 

I can't make an adjustment to Retained Earnings. I need to get the bank down to 0 from $2200 and the RE up by $2200. Should I just make an entry for the first of the current fiscal year crediting the bank $2200 and crediting income $2200 (to bring up the RE)? What account do I then debit for $4400??

 

Thanks!

 

1 reply

A
Alex M
February 27, 2023

Hi there Bleekes,

 

it's vital that all your transactions are entered in the correct account so that your books can be well-balanced. QuickBooks Online is a great tool able to help you keep track of expenses and sales so you can see the profit of your company. I can point you in the right direction for assistance with this adjustment.

 

in order to make this adjustment, you would need to create a journal entry. in order to know which other accounts to affect so that your books can be well-balanced, I recommend reaching out to your accountant. Their expertise will be able to guide you in making this adjustment so that all your accounts will have the right balance. If you'd like to invite your accountant to QuickBooks so they can see your books, you can do so by going to the My accountant tab. You can also find an accountant that has experience using QuickBooks by clicking on the Find a pro to help option found in that section.

 

If you have any other questions, feel free to reach out here.

Terms & ConditionsAccessibility statement