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Too much bank account information

I am new to Quickbooks online, I have only been using it a month.

I followed all the set up procedures including "connecting bank account". Now I have got a problem. 

I started 1st August as this is the beginning of my VAT quarter. But, Quickbooks download 90 days worth of bank transactions. Now that I want to reconcile the bank, the opening balance is wrong, as I am starting from August.

How can I a: change the opening balance on the bank reconcile or b: change the bank information in Quickbooks so it starts from August?

Any information gratefully appreciated.

Solved
Best answer 09-14-2018

Accepted Solutions
QuickBooks Team

Re: Too much bank account information

Glad to see you here, mrmunkeyman.

 

Welcome to the Online Community. I’ll help you make sure that your opening balance is correct so it won’t throw off your records.

 

The steps are simple and easy. Here's how:

  1. Go to the Gear icon at the top, and select Chart of Accounts.
  2. Find the account, and select Account History.
  3. Click on the opening balance amount, and choose the Edit button.
  4. From there, change the amount and date.

Since this is a bank feed account, you can also look for the downloaded transactions that cleared the bank before the statement's beginning date and delete them. I've added some links with additional helpful information on how to fix an incorrect beginning balance and ways to reconcile when opening balance is correct.

 

If you already added the transactions to the QuickBooks register, you need to undo them and then exclude to correct the opening balance.


To undo, please follow these steps:

  1. Go to Banking on the left panel.
  2. On the In QuickBooks tab, click on the Undo button to move the transaction back to the For Review tab.

  3. For multiple transactions, check the box to the left of all transactions.

  4. Then click on the Undo button at the top of the Date column.

To exclude transactions:

  1. Go to Banking on the left panel.
  2. In the For Review tab, put a check mark on the transactions you want to exclude.
  3. Once done, go to the Batch Actions drop-down and choose Exclude Selected.

For future reference, check out these articles about downloading banking transactions and entering an opening balance for any accounts in QBO.

 

Let me know if you have additional questions about working in QuickBooks. I'll be more than happy to help. Have a great day ahead.

1 REPLY 1
QuickBooks Team

Re: Too much bank account information

Glad to see you here, mrmunkeyman.

 

Welcome to the Online Community. I’ll help you make sure that your opening balance is correct so it won’t throw off your records.

 

The steps are simple and easy. Here's how:

  1. Go to the Gear icon at the top, and select Chart of Accounts.
  2. Find the account, and select Account History.
  3. Click on the opening balance amount, and choose the Edit button.
  4. From there, change the amount and date.

Since this is a bank feed account, you can also look for the downloaded transactions that cleared the bank before the statement's beginning date and delete them. I've added some links with additional helpful information on how to fix an incorrect beginning balance and ways to reconcile when opening balance is correct.

 

If you already added the transactions to the QuickBooks register, you need to undo them and then exclude to correct the opening balance.


To undo, please follow these steps:

  1. Go to Banking on the left panel.
  2. On the In QuickBooks tab, click on the Undo button to move the transaction back to the For Review tab.

  3. For multiple transactions, check the box to the left of all transactions.

  4. Then click on the Undo button at the top of the Date column.

To exclude transactions:

  1. Go to Banking on the left panel.
  2. In the For Review tab, put a check mark on the transactions you want to exclude.
  3. Once done, go to the Batch Actions drop-down and choose Exclude Selected.

For future reference, check out these articles about downloading banking transactions and entering an opening balance for any accounts in QBO.

 

Let me know if you have additional questions about working in QuickBooks. I'll be more than happy to help. Have a great day ahead.