I am helping my friend get rolling in her QuickBooks account for her small business and am facing a few challenges:
1. She must have created an opening balance on her checking account when connecting but it doesn't match anything that I can find. The QB online resources indicate to create a journal entry to correct to zero or the correct amount. When creating a journal entry I understand to put in her checking account and then the actual opening balance as a debit but I don't know what account to use for the credit. Would it be "Opening Balance Equity"?
2. She has her checking and credit card accounts connected to QuickBooks but they haven't pulled in the first few months of transactions (July, Aug, Sept 2017). There are only a handful of transactions for those specific months and I only have PDFs of her statements. Would it be best to manually enter those expenses and credits?
3. For some reason some of her transactions are showing up as multiple entries when I look at the Banking tab. How do I merge or delete duplicate transactions/expenses? Why would this be happening?
4. Since there seem to be multiple issues and she isn't even really using QB yet, would it be easier to just start over? I'm spending a lot of time troubleshooting things that I'm not quite sure how they came to be in the first place.
Thanks in advance for any help!
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1. From what you explained, yes, it would go to opening balance equity account. Sometimes when you add the account, it will automatically post a transaction to that account to balance for reconciliation purposes so you might want to check that first. :)
2. Yes, I would manually enter them. I think it would be easiest for you also.
3. You can select the ones that are duplicate and at the top of the transactions list, click the dropdown and select exclude transactions. That will remove them from the bank feed. :)
4. It would be up to you, but it does seem that if she really hasn't been using it all this time, it would be easier for you to start over.
Hope this helps!! :)
I have an account number for my banking. The account for my savings and my checking is the same with the exception of the sub account. The savings sub # is 00 and the checking is 19. Why does my savings and checking show up under one account in QB. Why are they not separated? This is frustrating as I would like to reconcile my accounts. I take care of my in laws accounts, my fathers and our own and this is happening to all of the them./
When you connect your bank account do you get the option to divide the account then? It may be worth creating the bank accounts in your COA first before trying to reconnect the bank?
Hello there, Laura07.
Let me sort out why your savings and checking showed up under one account even when using a sub-account.
In QuickBooks Online, it'll still automatically show up under one account even though the sub-number for savings and checking is different. You'll need to consult with your bank to have this separated. Then, you'll have to connect it in QuickBooks Online to the two accounts in COA.
This will ensure the separation when reconciling your accounts.
Let me know if you need further clarification with online banking in QuickBooks. I'm just a post away if you need my assistance.