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r-sorrell
November 2, 2019
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Why are my "In Quickbooks" balance and my "Bank Balance" showing different numbers for my new company?

  • November 2, 2019
  • 1 reply
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I have created a new company and the only transaction I have had before setting up QBO was a Paypal verification payment of £0.01. When I go into quickbooks, if I add the transaction, I then have an "In Quickbooks" balance of £0.02. Which I know is not much but its frustrating. I don't know where the extra penny is coming from... Any help would be great! I want to get this sorted out before we run much more through these books.
Best answer by MaryLandT

Hello there, r-sorrell,

 

Let me clarify things out for you about the balance in QuickBooks.

 

Once your bank account is connected, the system automatically creates an opening balance. The amount is based on the real-life bank account. Thus, it causes the incorrect balance in QuickBooks.

 

No worries. You can either edit or delete this entry. Simply go to your Chart of Accounts and make changes from there. Here's how:

  1. Go to the Gear ⚙️ icon at the right top.
  2. Select Chart of Accounts under Your Company.
  3. Locate the account, then click Account history under Action.
  4. Find the opening balance.
  5. You can either delete or edit it.
  6. When you edit it, make sure to enter a zero amount to fix the opening balance.
  7. Click Save and close.

I've added this article for additional information: Fix opening balance issues in QuickBooks Online. This link will also help ensure QuickBooks will match your bank records.

 

Let me know if there's anything else you need with your bank account and I'd be glad to help you out.

1 reply

MaryLandT
MaryLandTAnswer
November 2, 2019

Hello there, r-sorrell,

 

Let me clarify things out for you about the balance in QuickBooks.

 

Once your bank account is connected, the system automatically creates an opening balance. The amount is based on the real-life bank account. Thus, it causes the incorrect balance in QuickBooks.

 

No worries. You can either edit or delete this entry. Simply go to your Chart of Accounts and make changes from there. Here's how:

  1. Go to the Gear ⚙️ icon at the right top.
  2. Select Chart of Accounts under Your Company.
  3. Locate the account, then click Account history under Action.
  4. Find the opening balance.
  5. You can either delete or edit it.
  6. When you edit it, make sure to enter a zero amount to fix the opening balance.
  7. Click Save and close.

I've added this article for additional information: Fix opening balance issues in QuickBooks Online. This link will also help ensure QuickBooks will match your bank records.

 

Let me know if there's anything else you need with your bank account and I'd be glad to help you out.

    R
    r-sorrellAuthor
    November 3, 2019

    That worked perfectly. Thanks.

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