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Level 3

Bank first deposit

Hello!

I just matched all my transactions between my business account and my QB online but I have a difference of $225.00 (see the attach ) and it was my first bank deposit (25 and 200 same day) I didn't add my beginning balance into QB, so what do I have to do to add/match this transaction and to have my account with the same balance ?

Thanks in advance 

Solved
Best answer May 22, 2020

Best Answers
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Moderator

Bank first deposit

Thanks for the screenshot, KarinaJ.

 

We'll have to enter a beginning balance so your business account and your QuickBooks balance will be matched. Since you've already added transactions, we'll have to enter a beginning balance through Journal Entry. I'll show you how:

 

  1. From the + New button, select Journal Entry.
  2. Select your business account in the first line.
  3. Enter the amount under DEBITS.
  4. Select Opening Balance Equity in the second line.
  5. Enter the same amount on the CREDITS column.
  6. Click Save.

 

Afterward, we'll have to mark the Journal Entry as R (reconciled). Here's how:

 

  1. From the Accounting tab, select Chart of Accounts.
  2. Find the account and click View register.
  3. Search for the opening balance journal entry.
  4. Select the box in the Reconciled () column until you see an R.
  5. Select Save.

 

Then, you're good to reconcile the account. You can check these articles for the detailed steps: 

 

 

I'm just a post-away if there's anything that I can help you with. Have a great day!

View solution in original post

Highlighted
Level 3

Bank first deposit

Hello Karina, thank you for the screenshot attached. If you have -225$ difference between QB and Bank balance you can easily correct it by adding this transaction with Add button. I think you will find this Video Guide on the matter very useful.

Please let me know if that worked. Stan is by your side! 

View solution in original post

4 Comments
Highlighted
Moderator

Bank first deposit

Thanks for the screenshot, KarinaJ.

 

We'll have to enter a beginning balance so your business account and your QuickBooks balance will be matched. Since you've already added transactions, we'll have to enter a beginning balance through Journal Entry. I'll show you how:

 

  1. From the + New button, select Journal Entry.
  2. Select your business account in the first line.
  3. Enter the amount under DEBITS.
  4. Select Opening Balance Equity in the second line.
  5. Enter the same amount on the CREDITS column.
  6. Click Save.

 

Afterward, we'll have to mark the Journal Entry as R (reconciled). Here's how:

 

  1. From the Accounting tab, select Chart of Accounts.
  2. Find the account and click View register.
  3. Search for the opening balance journal entry.
  4. Select the box in the Reconciled () column until you see an R.
  5. Select Save.

 

Then, you're good to reconcile the account. You can check these articles for the detailed steps: 

 

 

I'm just a post-away if there's anything that I can help you with. Have a great day!

View solution in original post

Highlighted
Level 3

Bank first deposit

Hello Karina, thank you for the screenshot attached. If you have -225$ difference between QB and Bank balance you can easily correct it by adding this transaction with Add button. I think you will find this Video Guide on the matter very useful.

Please let me know if that worked. Stan is by your side! 

View solution in original post

Highlighted
Level 3

Bank first deposit

Hello! I don't know if you received my reply, just in case, I did it! Thank you very much for your help. I really appreciate it. 

Highlighted
Level 3

Bank first deposit

Hello Stan! Thank you very much. I don't know if you received my previous reply. But I did it. Thanks for your help. First I entered my first deposit, reconciliated, and then I added both transactions ($25.00 and $200.00) and It's done. Thank you very much.

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