Can you update a previously linked bank account balance on QB Online?

HM-Bookkeeper-UK · ‎December 13, 2022

Hi, I am new to QB Online UK, so trying to figure out to solve this issue.

Our business current account has previously been linked on Quickbooks Bank Feeds, but was disconnected in August 2021. After this date, transactions were imported by OFX or CSV instead of direct bank feeds. This means the Bank Balance shows the balance as of August 2021, and not the Quickbooks Balance from the imported bank data. Is there a way of updating this Bank Balancing without deleting the account data or re-linking the account to bank feed? I do not want to disconnect this account and all I need is to make sure the Bank Balance and Quickbooks Balance match each month. Is this possible?

Many thanks.

GeorgiaC · ‎December 13, 2022

Hi HM-Bookkeeper-UK, thanks for joining the Community :)

On the banking screen, the 'in QuickBooks' bank balance will show the total of the transactions posting to the account, whereas the 'bank balance' will only update if there is a live bank connection.

View solution in original post

HM-Bookkeeper-UK · ‎December 13, 2022

Hi,

Thank you for your reply.

Ok, so these will only match if the account is linked then and will not affect the EOY Accounting data? If that's the case, then the previous Bank Balance can be ignored until they wish to reconnect the bank feeds to their current account?

Many thanks.

View solution in original post

GeorgiaC · ‎December 13, 2022

Hi HM-Bookkeeper-UK, yes that's correct - the 'live' bank balance can be ignored if this is not connected. As long as the 'in QuickBooks' bank balance is correct at EOY (you can check this by reconciling the account) then you're good to go. :)

View solution in original post

GeorgiaC · ‎December 13, 2022

Hi HM-Bookkeeper-UK, thanks for joining the Community :)

On the banking screen, the 'in QuickBooks' bank balance will show the total of the transactions posting to the account, whereas the 'bank balance' will only update if there is a live bank connection.

HM-Bookkeeper-UK · ‎December 13, 2022

Hi,

Thank you for your reply.

Ok, so these will only match if the account is linked then and will not affect the EOY Accounting data? If that's the case, then the previous Bank Balance can be ignored until they wish to reconnect the bank feeds to their current account?

Many thanks.

GeorgiaC · ‎December 13, 2022

Hi HM-Bookkeeper-UK, yes that's correct - the 'live' bank balance can be ignored if this is not connected. As long as the 'in QuickBooks' bank balance is correct at EOY (you can check this by reconciling the account) then you're good to go. :)

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Can you update a previously linked bank account balance on QB Online?