Next, enter the opening balance. Click the Plus icon (+) Choose Bank Deposit. On the Account field drop-down, select the bank account where the loan funds will be deposited. Enter the date. In the Account column on the line items, choose the account you created and the am...
The discrepancy in the beginning balance is due to not entering an opening balance in QBO. To fix this, we'll create a journal entry to record it. Here's how: Go to the +New button. Under Other, select Journal entry. Enter a date before the oldest transacti...
You can also enter the opening balance to track your transactions efficiently. Verify the details, then select Save and Close. Once done, you can now connect your bank to make it show in the Banking page. Here’s how: Go to the Chart of Accounts and ente...
I used this to help a customer, I wanted to know if she went to reconcile the 2 months she unreconciled will that make a mess of things? Or as long as she's sure to have the actual bank statements with the correct opening balance she can reconcile again with no problems?...
Please know that It's a good idea to reconcile your bank, savings, and credit card accounts once a month. This is to keep your books in order. Reconcile transactions that are older than your opening balance Troubleshooting Issues while Reconciling in QuickBooks Online In addition, t...
Please don't hesitate to come back to this thread for additional assistance about issues with the footer, sub total and VAT balance in QBO. You can tag me in your comments and I'll be glad to help you again. Cheer Reply Previous 1 2 Next Sig...
1) Delete any transactions in the account you want to delete (I only had an opening balance transaction) 2) Be sure to DISABLE THE ONLINE DOWNLOADS FROM YOUR BANK ACCOUNT! 3) Follow the instructions to merge the account you want to delete with the one...
However, you can manually clear the balance. This isn't needed to create a journal entry. If you pay the card with one check, make sure to enter the sub-accounts in the payment instead. This will zero out their balances including the parent. On the other ha...
I'm also adding these articles to help resolve common reconciliation issues in QuickBooks Online: Fix opening balance issues Fix beginning balance issues Fix issues while you're reconciling I'm just a comment away if you have any other concerns or follow-up questions. ...
For example, enter the Loan with the customer's name in the Account Name box. Press the Save & Close button without entering an opening balance. Next, issue a check for the loan and deposit. After that, create a deposit for the payments. Refer to the steps b...