Question

How to correct opening balance: 9/19/22 bank transfer from savings to new account (unmatched). Owner added new account with opening balance @ 10/30/22 (amounts differ).

Forum|Forum|3 years ago
November 1, 2022
5 replies
28 views

The 9/19/22 transfer is not recorded yet. When the owner added the account he recorded an opening balance from bank as of 10/30/22 which differs from the transfer amount. I'm not sure how to handle this so that the transfer from business savings is recorded to the new account (opening balance equity).

QuickBooks Online

K

Kevin_C

Moderator

Thanks for dropping by the Community, @JJCDC. I've got the steps to help you fix the discrepancy in your opening balance in QuickBooks Online (QBO).

Since the owner already recorded an opening balance for the new account, we can locate and make edits to match the amount transferred from the business savings.

Here's how:

Go to Settings ⚙ and select Chart of accounts.
Locate the account and select View register.
Find and select the opening balance entry.
Make the necessary changes to the date and then the amount. If you cannot edit the amount directly on this screen, you can edit it by clicking the Edit button.
Select Save.

For more details about this process, visit this article: Enter and manage opening balances in QuickBooks Online.

If you're good with your transactions, you can now proceed to reconcile an account in QBO. If everything matches, you know your accounts are balanced and accurate. We recommend reconciling your checking, savings, and credit card accounts every month.

Please keep us updated on how it goes, or if you have other questions about editing the opening balance, don't hesitate to reach back out. I'll be here to lend a hand. Keep safe!

J

JJCDCAuthor

Thank you Kevin for the quick response and information. I understand now how to correct the date and amount in the new bank account register.

There is still an unmatched "record transfer" transaction in the business savings account, which is the money that funded the new bank account register. So, I wasn't sure what to do with this since I still need to reflect this transaction.

Thanks again for your help.

J

JamaicaA

QuickBooks Team

Great to know that my colleague’s suggestions above helped you, @JJCDC. I’d be glad to help you match the bank transfer and share additional information about correcting your opening balance.

If you’re still on the For review page, you can exclude the transaction and follow the steps outlined by @Kevin_C above. This way, you won’t have duplicate or double amount recorded on your balance.

However, we can edit the opening balance amount to zero (0) if you want to add the bank transfer to the new account. From there, you can adjust the amount to match them.

You can refer to this article to learn more about the importance of opening balance: Enter and manage opening balances in QuickBooks Online.

I’ve included this reference that will guide you with keeping your financial records accurate effectively: Reconcile an account in QuickBooks Online. This will help you review and ensure that QuickBooks entries matches with your bank account statement.

I'm ready to help you out again if you'd like me to clarify other things regarding the reconciliation process. If you happen to come across any difficulties while recording your entries, let me know and I'll gladly assist you.

Sign up

Login with SSO

Let's get you signed in

Login with SSO