Reconnecting bank, adjusting balance

AdequatelyHydrated · ‎August 11, 2023

I've taken over bookkeeping for our firm, there hasn't been any consistent bookkeeping in QBO since the last office manager did so in 2020. Since then, our bank disconnected, and did not import our transactions.

I've re-connected our bank account starting in May 2023. I would like to re-connect or import the banking transactions going back to January 2023 for now, and possibly further back if I can. Right now, my Book balance and Bank balance are not matching.

I'm assuming that I can import starting at a specific date (Jan 1 2023), and add a starting balance to help correct this, but I'm not sure if this is the best way to correct the situation.
Has anyone done this? Any tips or instructions?

I'm new to QBO, and likely missed an obvious solution.

Thank you!

Alex M · ‎August 11, 2023

Hi there AdequatelyHydrated,

It's important that all your transactions are correctly entered for your books to be in order. QuickBooks Online is a great tool able to connect to various bank websites in order to import transactions so that you can save time with data entry. I can provide some information about bank transactions.

When connecting a new account, or reconnecting an account that was completely disconnected from QuickBooks Online, it will ask you a date of how far back you'd like QuickBooks to try and import. QuickBooks Online will try to go get transactions as far back as the date specified, but it also depends on the security measures implemented by your bank. For those prior transactions that you'd like to import, you can import them using a file provided by your bank by following the steps in this article. You can also view this guide on how to format bank transaction files so that the import can go smoothly.

If you have any other questions, feel free to reach out here.

AdequatelyHydrated · ‎August 11, 2023

Thanks!

I've already connected my main accounts, but I'd like to connect an earlier date (Jan 1 2023) than what I pulled in (Around Mar 22, 2023).
Is there an article or steps you could share on how to add that without using a CSV import, or is it necessary to import via CSV in my case?

Alex M · ‎August 11, 2023

Hello again AdequatelyHydrated,

For prior transactions that can't be imported from the bank, it would either need to be imported using files or entered manually in QuickBooks using the transaction options appearing in the +New menu. There are other file types available other than CSV files, and they can be seen by going to the Gear Icon, then Import data. Go to the Bank Transactions option, and the list of accepted file types will be listed there. If not done through a file, then the transactions would need to be created manually within QuickBooks Online.

If you have any other questions, feel free to reach out here.

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Reconnecting bank, adjusting balance