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Level 2

Reconciling transactions after updating my bank connection

I have been using Quickbooks Self-Employed for several years.  Recently, my bank connection (Fidelity Investments) stopped synching and had to be updated.  I followed the QBSE guidance and created a "new" connection for the bank.  I then had to "exclude" all of the duplicate entries (which were a lot) back to the beginning of the year.  


On my bank accounts page, I now have two sets of accounts.  One before the update and the other after the update.  


The problem is that when I look at my account balances on my Home screen, they are 2X the action account balances because of the duplicate set of bank accounts.  (see attached screenshots)


If I hide the original, pre-conversion accounts, then I lose all of the history associated with my pre-conversion data which extends back several years.  But the account balances will be correct.


However, if I "un-exlcuded" all of the new data, I don't think all of my 2023 entries will be present. Plus, I upload all of my receipts and associate them with each transaction.  Uploading all of my 2023 data and uploading receipts will be a lot of effort...assuming all of the transactions are there.  


Reconciling transactions after updating my bank connection

I understand the difficulties you've faced with the new bank connections, azucker.


I'm here to assist you with resolving this issue.


When you transition to a new account, it's important to exclude transactions that have already been categorized in the old account to prevent duplication and ensure accurate financial records in the new account. By excluding these transactions, you avoid double-counting or misreporting financial data.


However, if there are missing transactions in the new connection, you can record them manually to ensure that your financial records are complete and accurate. 


Additionally, you'll have access to a downloadable tax summary or detailed report to simplify your tax filing process. For more details, refer to this article: Use reports to fill in your tax return in QuickBooks Self-Employed.


Should you require more information about bank transactions, don't hesitate to ask. Tag me in this thread, and I'll be sure to get back to you as soon as possible.

Level 2

Reconciling transactions after updating my bank connection

Ginnie --

Your advice does not solve my problem.  

1)  When I switched to the "new" connection, it downloaded most, but not all, of my year-to-date transactions.  So for 2023, I need to use both the new and old connections.  

2) I have 5 years of history on the old connection.  If I did not show the old connection, all of these transactions would be hidden, too.

2) I upload my receipts and invoices to QBSE so that all transactions are well-documented.  Even assuming all of my 2023 transactions were uploaded with the new connection, making these updates would be a lot of effort.


The problem is that in order to have my 6 years off transactions in QBSE, I need to have both my old and new connections turned on.  However, the account balances for the old accounts persist as of the last day.  


For example:

Old Connection - Account A Balance = 10,000 on December 14 when the account stopped updating

New Connection - Account A Balance = 11,000 as of today

Total Account Balance displayed on the Home screen = 21,000 as of today


Account A only has 11,000, but the total includes the 10,000 when that account would no longer update.


A solution would be to "zero out" the old connection account balances without affecting the underlying transactions.  



QuickBooks Team

Reconciling transactions after updating my bank connection

Hello Azucker, thanks for coming back to us, so there is nothing we can do as this is how qbse works and there is no real option for you. As you have said you can toggle off the old account and the balance will be right but you will not see the old data, this would be the option you can go with once you are in the new tax year and you can always toggle it back on if you need to view older transactions at any point. But like i say there is no other option we will pass this on as feedback to the team.  

Level 2

Reconciling transactions after updating my bank connection

Not offering a workable solution is not very satisfactory.  As bank connections require updates, I am sure more and more customers will encounter the same or similar problems.  


As someone who works in tech/software, I can think of several potential approaches to this problem.  

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