Accounts Categories

Let me help fix the incorrect balance when reconciling your bank account, accounts306.

Most beginning balance issues are caused by an incorrect opening balance. This is the account's starting point you set when you first created it in QuickBooks.

Also, if you have connected the bank for online banking, QuickBooks automatically creates an opening balance. If you've manually entered an opening balance when you create the account, make sure there's only one entry.

You can delete one of the entries if there are two opening balances. Simply go to your Chart of Accounts and make changes from there.

Here's how:

1. Go to the Gear :gear: icon at the right top.
2. Select Chart of Accounts under Your Company.
3. Locate the account, then click Account history under Action.
4. Find the opening balance.
   
5. You can either delete or edit it.
6. When you edit it, make sure to enter a zero amount to fix the opening balance.
7. Click Save and close.

To ensure the opening balance is correct, you have to compare transactions from the bank statement with what's in QuickBooks. You can use these articles as a guide in correcting balances or previous and current reconciliations.

• Fix issues the first time you reconcile an account in QuickBooks Online
• Fix issues for accounts you've reconciled in the past in QuickBooks Online.

About categorizing expenses, I recommend consulting your account for specific instructions. This is to ensure your transactions have the correct categories.

Once the bank balances are correct, you can start reconciling your account. 

Keep me posted if there's anything else I can help you with reconciling your bank account. I'm always right here to guide you.

Hi, thank you for your response, I have learned something new from this which is good but am still struggling slightly.

What category would you recommend me put for a payment made for materials at a local electrical supplier?

Would it be raw materials? or stock maybe?

Thanks