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Level 1

How to correct a long neglected account

I am attempting to assist someone who has been using QuickBooks since 2009 (primarily to pay employees, pay bills, and create reports to file state and federal taxes). The bank register in QB shows a balance of -952,664.71 because the individual does not want to link to the bank account with QB. When QB was initially activated, deposits and credit card fees were not created. How can I resolve these problem? I am willing to take whatever time is required, but please consider that this person DOES NOT want to link the bank account under any circumstance. I am willing to enter the deposits and fees manually each month until there is a change of mind.

6 Comments
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QuickBooks Team

How to correct a long neglected account

Hi there, Jeongmi.

 

It's okay if the user you're assisting doesn't want to link their bank account. They can download their transactions in .QBO format since 2009, upload them to the Bank Feeds Center, and you can add them to their bank register. This will save you time than entering those transactions. However, they've already entered some of them which are causing a negative balance. Thus, you'll want to be careful in adding those transactions to avoid duplicates. It's best to have account statements as a reference while you do the process.

 

If you need a reference, please check out the article about downloading bank feed transactions.

 

You can always visit us back here if you have other questions.

 

Have a good day!

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Level 15

How to correct a long neglected account


@Jeongmi wrote:

I am attempting to assist someone who has been using QuickBooks since 2009 (primarily to pay employees, pay bills, and create reports to file state and federal taxes). The bank register in QB shows a balance of -952,664.71 because the individual does not want to link to the bank account with QB.

No, that has nothing to do with it.  The bank balance is off, drastically, because transactions were not entered.

 

Connecting to a bank is optional and to be honest creates more problems than it is worth. the work flow in QB has always been, enter transactions, then if  you wish download banking and match - or just reconcile the monthly statement.

 

When QB was initially activated, deposits and credit card fees were not created. How can I resolve these problem? I am willing to take whatever time is required, but please consider that this person DOES NOT want to link the bank account under any circumstance. I am willing to enter the deposits and fees manually each month until there is a change of mind.

 

This file is so screwed up, that I would never consider trying to make it right historically back to 2009.  This is desktop.  Desktop QB can have as many company files as the hard drive will hold at no extra charge (unlike QBO).

 

create a new company file and start 2019 off correctly.  get starting balances for banking, CC, loans, A/R etc etc, and enter transactions as they happen


 

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Level 15

How to correct a long neglected account

Unless there is some current info such as Customer and Vendor info, sales, etc, I also would abandon the file and start fresh, using the prior year tax reporting for Trial balance, bank statement, credit card statement, etc. Otherwise, use that same info to "fix" this file to the Ending Date that has been filed for tax purposes.

 

They need to do their work. Connectivity is not the issue; not Doing the work seems to be the issue. Then, they get to decide how they want to do it and which tools they will use.

Highlighted
Level 1

How to correct a long neglected account

Thank you so very much for your suggestions.

Highlighted
Level 1

How to correct a long neglected account

Hi, I am dealing with the same issue and I am new(ish) to quickbooks so forgive me if this is a stupid question.. I am interested in your suggestion about creating a new company file to start fresh. Will doing so erase all previous data or can it still be accessed for information purposes? (I often look up past invoices to reference pricing, dates and other info so it is important for me to have access)

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Level 11

How to correct a long neglected account

@julierako 

You may create unlimited data file in QB Desktop. Just create a new data file, import your List from the old one, and setup the beginning balance as required. Should you need to import certain transaction from old data file, you may utilize the 3rd party migration tool. You can still access any of your old data file.

https://transactionpro.grsm.io/qbd

https://partners.saasant.com/affiliate/idevaffiliate.php?id=5051_2

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