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maags1950-gmail-
Level 1
posted
‎February 24, 2024 02:48 PM
last updated ‎February 23, 2024 7:48 PM

How do I correct incorrect bank balances.

Both my bank accounts are way out one account is negative 90 thousand, and the other a positive 50 thousand, totally out with the real.bance ,I am.not sure why  I suspect a lot of duplication ,occurred when I was transferring funds from one account to.another ,is there any way to fix this ,perhaps a a journal.entry  to correct balance ,or do I have to go thru every transaction over past 2 years  seems a lot of time required to do this ,any suggestions would be welcome.
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1 Comment 1
LeizylM
QuickBooks Team
QuickBooks Team
‎February 24, 2024 04:29 PM

How do I correct incorrect bank balances.

I'm here to make sure you can correct the incorrect balance in QuickBooks Online (QBO), maags1950. 

 

When you move money from one account to another, you'll need to record the transaction as a transfer in QuickBooks. To fix this, we can create a journal entry to correct the balance of your account.  F

 

Here's how:

 

  1. Select + New and then select Journal entry.
  2. On the first line, select the credit card sub-account from the Account dropdown.
  3. Enter the amount in the Credits column.
  4. On the second line, select an equity account from the Account dropdown.
  5. Enter the same amount in the Debits column.
  6. Once done, select Save and Close.

 

Once everything is fine, you're now ready to reconcile your account. 

 

I'd love to hear how this goes. Please add a reply below for any updates or additional questions about fixing your bank balance. I'm more than happy to assist you further. Have a great day and take care.

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