I have imported transactions via my online banking which I have linked to QB online. I have used sage in the past but this is my first time using QB.
The problem I have is that the opening balance shown when I go to reconcile the bank account does not relate to the opening balance on my bank statement. When I downloaded it I stated the last 30 days in the criteria as this was the closest to the option of my start date of the partnership company we now have.
Really just want to run and reconcile from the new financial year (6th April) but doesn;t seem that easy.
I'm here to make sure you'll be able to match the QuickBooks opening balance with your bank statement.
Since you need to correct the opening balance discrepancy in before you reconcile, I can show you some troubleshooting steps. I've attached an article that'll show you how to fix an incorrect beginning balance:
QuickBooks automatically pulls in an opening balance when you connect your bank account which isn't always correct.
If you navigate to the accounting tab on the left hand side navigation menu and find your bank account within this list. Click on account history (which is a blue hyperlink). You will see in here somewhere (depending on how many transactions you have) an 'Opening balance' entry. This is the automatic entry QuickBooks enters. Click into this and change the figure to what the balance should be.
If you would like to edit your opening balance for the account to match the date and balance of your account when you started using QuickBooks Online, have a look at the below steps.
Choose the Gear icon > Chart of Accounts.
Locate the account and click on Account history in the Action column.
Go to the top of the register to the Opening Balance entry and
Click on the transaction line to edit the amount.
Click SAVE. The change will not be saved if you navigate away from the register without saving.
If you connected the bank feed, the opening balance transaction will already be marked with an R which signifies that the transaction is reconciled. When you change this balance, the transaction will be unreconciled.
To make your first reconciliation easier, you can change this status to Reconciled so that this will be your starting amount when you first reconcile your account. Here's how to do it
Within the Account History, find the transaction that needs to be reconciled.
Go to the reconcile status column (indicated by a check mark), and select the top line of the transaction.You can continually click the box in the status column to achieve the status desired for this transaction. For example, if it was originally blank, click once and it will display a C, if you click again an R will appear to reconcile the transactions.
Remember to click on Save to save the changes.
Now when you go to the Reconcile function, your starting balance should match your bank statement starting balance and you will be able to successfully reconcile the account.
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