Hello,
I'm new to this and I have a problem I can't solve.
Someone else was taking care of quickboos for my boss before and now we have bank balance for £1900 but balance in qickbooks -24800£.
Anyone can tell me why and how to fix it?
Kin Regard
Solved! Go to Solution.
Hi Persefona, thanks for joining us here on the Community. :)
The best way to rectify a discrepancy between the bank balance is to reconcile the account against bank statements - as the difference is a large amount, first check that a beginning balance was recorded for your bank in QB (this is the bank balance at the date when you began recording transactions in QuickBooks).
This balance would be the first transaction entered on the account, and you can check this by going to the Cog > Chart of Accounts > Select 'Account History' beside the bank account > click the 'date' header to re-order the list from oldest > newest.
Hi Persefona, thanks for joining us here on the Community. :)
The best way to rectify a discrepancy between the bank balance is to reconcile the account against bank statements - as the difference is a large amount, first check that a beginning balance was recorded for your bank in QB (this is the bank balance at the date when you began recording transactions in QuickBooks).
This balance would be the first transaction entered on the account, and you can check this by going to the Cog > Chart of Accounts > Select 'Account History' beside the bank account > click the 'date' header to re-order the list from oldest > newest.
Thank you for such a quick answer.
I've checked acount history and it was started with 0 in 2018.
Is this discrepency can come from invoices that have not been paid to our company yet?
I have outstanding invoices for almost 23k?
Thanks for checking that Persefona, income from invoices will only post to a bank account if the payment has been recorded manually against this (or matched against the corresponding bank transaction). If these have already been paid into your real-life bank, recording the payment against the invoice will decrease the discrepancy in the QB bank.
When I've checked audit history I found few transaction that have been deleted... should I create them back?
Thank you for your prompt reply, @Persefona.
I'd be happy to walk you through how to recreate deleted transactions. This way, you can reconcile them seamlessly.
If your bank register balance in QuickBooks Online (QBO) differs from your actual bank balance, there are some reasons for this matter. QBO depends on your records. You can use your bank's statement to compare your accounts and fix them accordingly. That said, let's ensure you have the correct dates and transactions.
Additionally, we keep track of your activities and record them in the Audit Log report. You can use this report to view the details of deleted transactions. This way, you can recreate them.
Here's how to locate and re-enter deleted transactions:
1. Go to Settings :gear: and select Audit Log.
2. Select the appropriate user, date, and event(s) from the Filter drop-down menu. Then, click Apply.
3. Locate the deleted transaction. (Tip: To easily find deleted transactions, use the browser search Ctrl + F and type "deleted").
4. Under the History column, select View.
5. All the information needed for the transaction can be found under the Event column.
6. Using the information from the audit log, you can re-enter the transaction with its original transaction date.
Take note that the audit log only works for transactions that were saved. Also, you'll want to consider voiding a transaction instead of deleting it. That way, they don’t affect your account balances or reports, but you always have a record of them.
I highly recommend you consult your accountant to find out the best way to handle these transactions. They can help you clarify this issue.
I've added this article to review the opening balance in QBO. This includes information on how to reconcile an account.
Please know that I'm just a reply away if you have other concerns about reconciling transactions. I'll be around to lend a hand. Have a great day!
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