Balancing the accounts on Quickbooks

Louise Smith · ‎September 26, 2022

Hi,

I've recently been employed as Practice Manager and have taken over from someone who was doing the very basics with Quickbooks, simply entering Invoices & expenses. I have now connected the business current account through which all transactions are made. I'm having real trouble getting my head around how to get it all to balance on the banking function. When I tried the other day, it seems to think Quickbooks is in the minus which I don't understand as all the invoices are in and correct, as are the expenses. I suspect it's harder that the banking function wasn't set up in the first place. How to I reconcile the accounts to the right amount without affecting the profit as that is currently showing the correct amount. The other day when I tried, it kept increasing the profit which was then incorrect. Help

GeorgiaC · ‎September 26, 2022

Hi Louise, thanks for joining the QB Community - as the banking function wasn't set up until recently, we'd recommend checking that an opening balance has been entered and that the status of this has been set to reconciled within the Chart of Accounts. The OB is the balance of the account on the date that transactions began to be tracked in QuickBooks; if there were no transactions in the account at this time, then there won't be an entry for this. You can check for any existing OB by navigating to the Chart of Accounts > Account history (beside the bank account) > Click the DATE heading to reorder from oldest > newest. If no OB has been recorded, you can enter & reconcile this using a journal entry by following the steps listed here.

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GeorgiaC · ‎September 26, 2022

Hi Louise, thanks for joining the QB Community - as the banking function wasn't set up until recently, we'd recommend checking that an opening balance has been entered and that the status of this has been set to reconciled within the Chart of Accounts. The OB is the balance of the account on the date that transactions began to be tracked in QuickBooks; if there were no transactions in the account at this time, then there won't be an entry for this. You can check for any existing OB by navigating to the Chart of Accounts > Account history (beside the bank account) > Click the DATE heading to reorder from oldest > newest. If no OB has been recorded, you can enter & reconcile this using a journal entry by following the steps listed here.

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Balancing the accounts on Quickbooks

Balancing the accounts on Quickbooks

Balancing the accounts on Quickbooks

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