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REB1952
Level 2
posted
‎November 09, 2021 11:58 AM
last updated ‎November 09, 2021 3:58 AM

BANK DIFFERENCE

Hi I did not use quick books for a year. But have gone back to it. Everything goes through my bank. My bank only downloaded the last 90 days so I entered the previous 60 days manually. I then ran a TB at 1 June 2021 and put through a journal to bring this inline with my TB at 31 May 2021. However even though I know everything is entered in my bank from 1 June 2021 to date I have a large difference on the quickbook balance compared to the actual balance. Should I have done something else? Run a year end first or something? Is it now to late or is it still recoverable? Or should I simply open up a new company on Quickbooks and start from scratch? It means I will have wasted 3 days work.

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Best answer November 10, 2021
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ChristineJoieR
QuickBooks Team
QuickBooks Team
‎November 10, 2021 09:47 PM

BANK DIFFERENCE

Thank you for visiting at Community, @REB1952.

 

I am here to help you with your concern. There's a way to edit your opening balance without starting from scratch.

 

Follow the below:

 

  1. Go to Setting, then click Chart of Accounts.
  2. Find and click the Opening Balance account.
  3. Edit the amount, then click Save.

 

 

You can refer to this link for you guide.

 

You can also utilise this link to reconcile your bank statement in QuickBooks Online.

 

For more concern regarding this, don't hesitate to drop comment. I am always here to lend a helping hand. 

 

 

 

View solution in original post

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5 REPLIES 5
EmmaM
QuickBooks Team
QuickBooks Team
‎November 09, 2021 12:52 PM

BANK DIFFERENCE

Hello, Reb1952, Without seeing the journal(that is something you may want to check is right with your accountant. The best thing to do would be to use the reconciliation tool, we'd recommend doing a month reconciliation at a time, so for example the first month if that is May or June 2021 or prior to that. It will ask you to enter an ending balance which you would take of the bank statement itself for each ending period(you enter the ending dates and then tick all the transactions which show in the bank in that period( you'll find a lot of them are pre-ticked. More information on how to do a reconcile can be found here. We've also included an article about fixing issues if it is your first time reconciling. Essentially the month where you find a difference you can enter missing transactions or remove duplicates to make the difference zero. Any queries we're happy to help just reply to this thread.

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REB1952
Level 2
‎November 10, 2021 02:02 PM

BANK DIFFERENCE

Thank You. Very Helpful. I have checked the journal and my opening TB at 1 June 2021 is correct.

However the opening balance on the bank reverts back to 2019 and there is the whole year June 2020 to May 2021 not entered because I did not use Quickbooks. How do I get it to reconcile from 1 June 2021 onwards using the opening bank balance at 1 June 2021?

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Ashleigh1
QuickBooks Team
QuickBooks Team
‎November 10, 2021 05:54 PM

BANK DIFFERENCE

Hello REB1952, thanks for coming back to us here, if the information is not in quickbooks, you need to have the opening balance from the information that is in Quickbooks if it skips a year so if you have 2019 to 2020 in that's fine but otherwise if you have missing transactions not in Quickbooks you should import those transactions and then add them then reconcile the account but if the opening balance is there and there are no transactions in the account up to the current date then just change the opening balance amount and date to the current date and amount. 

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REB1952
Level 2
‎November 10, 2021 08:11 PM

BANK DIFFERENCE

Hi,

Sorry but I am not uploading a years transactions I don't need. It would be simpler to start from scratch.

As I have said there are transactions in the account going up to May 2020, then nothing for a year until 1 June 2021, when I started again.

 

Is there some way of changing the opening balance to the actual balance at 1 June 2021, otherwise it will be simpler to start from scratch?

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ChristineJoieR
QuickBooks Team
QuickBooks Team
‎November 10, 2021 09:47 PM

BANK DIFFERENCE

Thank you for visiting at Community, @REB1952.

 

I am here to help you with your concern. There's a way to edit your opening balance without starting from scratch.

 

Follow the below:

 

  1. Go to Setting, then click Chart of Accounts.
  2. Find and click the Opening Balance account.
  3. Edit the amount, then click Save.

 

 

You can refer to this link for you guide.

 

You can also utilise this link to reconcile your bank statement in QuickBooks Online.

 

For more concern regarding this, don't hesitate to drop comment. I am always here to lend a helping hand. 

 

 

 

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