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Persefona
December 29, 2021
Solved

I have negative balance

  • December 29, 2021
  • 1 reply
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Hello,

 

I'm new to this and I have a problem I can't solve.

Someone else was taking care of quickboos for my boss before and now we have bank balance for £1900 but balance in qickbooks -24800£. 

Anyone can tell me why and how to fix it?

 

Kin Regard

Best answer by GeorgiaC

Hi Persefona, thanks for joining us here on the Community. 🙂

 

The best way to rectify a discrepancy between the bank balance is to reconcile the account against bank statements - as the difference is a large amount, first check that a beginning balance was recorded for your bank in QB (this is the bank balance at the date when you began recording transactions in QuickBooks).

 

This balance would be the first transaction entered on the account, and you can check this by going to the Cog > Chart of Accounts > Select 'Account History' beside the bank account > click the 'date' header to re-order the list from oldest > newest. 

1 reply

G
GeorgiaCAnswer
December 29, 2021

Hi Persefona, thanks for joining us here on the Community. 🙂

 

The best way to rectify a discrepancy between the bank balance is to reconcile the account against bank statements - as the difference is a large amount, first check that a beginning balance was recorded for your bank in QB (this is the bank balance at the date when you began recording transactions in QuickBooks).

 

This balance would be the first transaction entered on the account, and you can check this by going to the Cog > Chart of Accounts > Select 'Account History' beside the bank account > click the 'date' header to re-order the list from oldest > newest. 

    P
    PersefonaAuthor
    December 29, 2021

    Thank you for such a quick answer.

     

    I've checked acount history and it was started with 0 in 2018.

    Is this discrepency can come from invoices that have not been paid to our company yet?

    I have outstanding invoices for almost 23k?

    G
    GeorgiaC
    December 29, 2021

    Thanks for checking that Persefona, income from invoices will only post to a bank account if the payment has been recorded manually against this (or matched against the corresponding bank transaction). If these have already been paid into your real-life bank, recording the payment against the invoice will decrease the discrepancy in the QB bank. 

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