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bsatroop199fairf
April 8, 2024
Question

After Quickbooks online imported many years of bank statements, my beginning balance got all screwed up. I have no idea where to start to fix it.

  • April 8, 2024
  • 1 reply
  • 0 views
I just upgraded from 2013 desktop to Quickbooks online. There were no reconciliation issues UNTIL i let QBO import years of bank statements. There are tons of old mismatches going back years that i don't even care about. Can I pick a date in time say a year ago and just adjust the beginning balance from there?

1 reply

S
SarahannC
April 8, 2024

I see how it can be challenging for you to fix your data with the mismatches from previous years. Allow me to help you now, bsatroop.

 

It's great that you successfully upgraded from QuickBooks Desktop (QBDT) 2013 to QuickBooks Online (QBO) without encountering reconciliation issues. Still, your books may look slightly different when you switch from QBDT to QBO due to differences.
 

When you say letting QuickBooks import years of bank statements, do you mean getting bank statements directly from your bank on the Reconciliation page? If so, please know that all available bank statements in QuickBooks depend only on your bank. It's useful as it serves as your reference when reconciling several statements for the same account.

 

If you connect your bank account to the bank feed, QuickBooks automatically gets your old transactions until a certain date and then calculates the total for your opening balance and sets the date for you. 

 

If the opening balance in QuickBooks doesn't match your bank records, correct it.  Correcting the opening balance should also fix your beginning balance issues. Here's how:

 

  1. Go to Settings  and select Chart of accounts.
  2. Locate the account and select View register.
  3. Select the opening balance entry to expand the view.
  4. In the Deposit column, edit the balance so it matches your bank records.
  5. Make sure to adjust the date first, then the amount, to ensure your bank statement matches your QuickBooks records.
  6. Select Save.

 

QuickBooks usually downloads transactions for up to 90 days, but it still depends on the data brought to QuickBooks by the bank. If needed, you can exclude them. Here's how:

 

  1. Go to the For review tab.
  2. Select the checkbox for each transaction you want to exclude.
  3. Select Exclude.

 

If you need more help reconciling your accounts correctly, you can always ask your accountant to ensure everything stays accurate. 

 

Here are some articles you can visit for tips about reconciling accounts in QBO:

 

 

Be sure to post again if you have questions about QuickBooks Online. I'll make sure to help you further. 

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