Is it possible to enter a new opening balance for an account and then try to reconcile? We were not recording payments and matching deposits correctly over the past couple of years and the account in QB is a disaster. It does not ever match the amount in the actual bank account. We have been doing it correctly now in 2020 and would like to start fresh. We had a manual book to back up QB for the past couple of years. Thank you for any suggestions.
Thank you for that tip, however, my issue is that the original opening balance is correct, from when we first started using QB 3 years ago, but we were posting payments and matching deposits completely wrong and the balance discrepancy between the bank and QB is way off, as well as the register being a disaster. We began 2020 doing it all correctly, so I was wondering if it is possible to start fresh with entering a new opening balance for 1/1/2020. We have manual books to verify the past 3 years. Thank you so much for any suggestions.
Let me share additional insights about entering a new beginning balance in QuickBooks Online.
We're unable to enter a new opening balance in QuickBooks if there are old transactions. What we can do is to create a journal entry to fix the opening balance for January 2020.
Before doing so, I highly suggest consulting your accountant or accounting professional for guidance on which account receives the debit and the credit side of the transaction. This is to ensure that the books are accurate for your business.
Once done creating the journal entries, you'll have to go to your Bank register and mark them as R. This way, it will affect your opening balance and fixed the previous reconciled period. I've added a screenshot for reference.
Also, you can read through these articles to help resolve beginning balance issues depending on your scenario: