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Experienced Member

Bank reconcilliation after starting a new quick books file

We just started a new quickbooks file as ours had some issues,  the trial balance was transferred over therefore my checking account shows the balance on the account as of the end of the last month reconcilled in qb on old file.

I'm trying to reconcile the bank  for the following month in the new quick books file and obviously since reconcilliations have never been done on the new file the balance from last month in the reconcilliation screen shows 0,  I tried to follow the steps to change the balance but it made changes to my checkbook.   I delete the change, but im in desperate need of support..

Waht are the correct steps to follow...  do I need to manually enter all open transactions as of the end of last month into the new quick books?  how do I change the balance for the reconcilliation?

 

Please help!

4 Comments
QuickBooks Team

Re: Bank reconcilliation after starting a new quick books file

It's nice to see you here in the Community, @Vivianalv.

 

You can create a journal entry to record the opening balance on your new account. I'd be happy to share some details with you and help you.

 

When reconciling on a new company file with data from the previous company, you can create a journal entry to denote the opening balance. Then you can do a mini-reconciliation to correct it.

 

You may follow these steps in creating a journal entry:

  1. Click on Company from the menu bar.
  2. Choose Make General Journal Entries.
  3. On the first line, select the appropriate account from the Account drop-down.
  4. Enter the correct opening balance in the Debit column.
  5. On the second line, select Opening Balance Equity.
  6. Select Save.

Once done, you can now process a mini-reconciliation to correct your beginning balance. Here's how:

  1. Click on Banking from the menu bar.
  2. Choose Reconcile.
  3. Select the correct account from the Account drop-down.
  4. Enter the statement date and ending balance that matches your Journal Entry.
  5. Click on Continue.
  6. In the Deposits and Other Credits section, select the corresponding Journal Entry.
  7. Click on Reconcile Now.

Once completed, you can then proceed to process a normal reconciliation for the following month.

 

You can read these articles for more details:

You can always get back to me if you have any other questions. I'll be around to help.

Experienced Member

Re: Bank reconcilliation after starting a new quick books file

Thank you !! Do I have to enter all the open transactions open at the end of last month from my old quick books file ?

im assuming the answer is yes as I do not see how I could reconcile if I don’t 

 

please advise ! 

Experienced Member

Re: Bank reconcilliation after starting a new quick books file

Thank you, I have a  question.. do I need to re enter all the open transactions as of the end of last month when I reconciled on the old  QB file?

I'm confused as If I do I think that will mess up the numbers as I entered a journal entry with the numbers  the trial balance  had on my checking account   when opening the new quick books file?

QuickBooks Team

Re: Bank reconcilliation after starting a new quick books file

Hi Vivianalv,

 

You'll have to create a journal entry for your opening balance. Then, manually enter the open transactions. This way, you can reconcile your accounts correctly.Let me guide you through how.

 

To create a journal entry, please refer to @Alessandra_B for the steps.

 

Then, enter a transaction. Here's how:

  1. On your Home Page, click Create Invoices for invoice transactions (same goes to Write Checks, and Bills).
  2. Enter all information.
  3. Click Save and Close.
  4. You can also click the Receive Payments icon in the invoice to record the payment.

Once you're done, you can find or match the transactions to reconcile. Feel free to read this article for more details: Add and match Bank Feed transactions.

 

These articles will also help you for future reference: Import/export overview, Fix Reconciliation Discrepancies.

 

Leave a comment below anytime if you have additional concerns. We're always here to help you.