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Join nowHi all,
I am new in QB system. I've keyed in all the opening balance entries in the journal entry.
Questions:
1) When I want to do reconciliation, the beginning balance is zero. Tried several methods to fix the problem but still zero. Do I need to delete the journal entry and redo?
2) I've created another bank account, enter the opening balance (statement ending balance & date), looks fine but why do I see the bank opening balance amount under deposit (reconcile page)? Did I key correctly?
Credit - Share Capital / Prepayment / Accruals / Sales / Other income
Debit - Retained Earnings
Debit - Bank
Debit - Cash (Petty cash) / Expenses
Thank you in advance.
Solved! Go to Solution.
You're almost there, Leona23!
You don't need to delete it. After you create a journal entry for the opening balance, we can do a mini-reconciliation to mark it as reconciled. It'll fix your opening balance.
I've added some of the articles you can check for more details:
Please post again if you have more questions. Have a great day!
Hi there, @Leona23.
I'd be glad to help you clear the bounced check so that you can proceed with reconciling your account.
First, you'll have to record Non-Sufficient Fund (NSF) or bounced check. You can perform it either by using Record Bounced Feature or by manual process. Then, you can proceed with the reconciliation process. I recommend asking for advice and guidance from your accountant to ensure accuracy.
Here's how to record it manually:
I also added this article for more information about this process: Handle Non-Sufficient Funds (NSF) or bounced check from customers.
Furthermore, here's an article to help you reconcile: Reconcile an account in QuickBooks Desktop. This contains other sub-topics about fixing balance issues and what report you can pull up to review the reconciled transactions.
You can tag my name anytime if you need further assistance or you have other questions. I'd love to answer them for you. Have a wonderful day ahead.
You're almost there, Leona23!
You don't need to delete it. After you create a journal entry for the opening balance, we can do a mini-reconciliation to mark it as reconciled. It'll fix your opening balance.
I've added some of the articles you can check for more details:
Please post again if you have more questions. Have a great day!
Thanks for your solution Alex!
I'm almost there~
My current opening balance ($10K) and ending bank statement ($8K) is not tally.
When I submit the accounts to auditor, I've captured the invoice cheque ($2K) as cleared but actual fact it was bounced. The auditor captured it as cleared.
I tried keying below entries, cannot tally when reconcile:
1. Debit - Trade Debtor - $2K (the bounced chq)
2. Credit - Bank - $10K
3. Debit - Bank - $8K
Actual bank statement = $8K
Thanks again.
Hi there, @Leona23.
I'd be glad to help you clear the bounced check so that you can proceed with reconciling your account.
First, you'll have to record Non-Sufficient Fund (NSF) or bounced check. You can perform it either by using Record Bounced Feature or by manual process. Then, you can proceed with the reconciliation process. I recommend asking for advice and guidance from your accountant to ensure accuracy.
Here's how to record it manually:
I also added this article for more information about this process: Handle Non-Sufficient Funds (NSF) or bounced check from customers.
Furthermore, here's an article to help you reconcile: Reconcile an account in QuickBooks Desktop. This contains other sub-topics about fixing balance issues and what report you can pull up to review the reconciled transactions.
You can tag my name anytime if you need further assistance or you have other questions. I'd love to answer them for you. Have a wonderful day ahead.
Hi @MarsStephanieL
Thank you for your solution. Managed to clear it :)
I need help on how to enter payroll expenses/liabilities correctly so that the figures match the bank statement deduction figures/dates?
Below is how I enter in Journal Entry form:
Journal Entry1
Debit - Payroll Expenses:Salaries & Wages: $2600.00
Credit - Payroll Liabilities:CPF - Employee Tax (20%): $520.00
Credit - Payroll Liabilities:CDAC: $1.00
Credit - Bank: $2079.00
Journal Entry2
Debit - Payroll Expenses:CPF - Employer Tax (17%): $442.00
Debit - Payroll Expenses:SDL: $6.50
Credit - Bank: $448.50
For bank reconciliation, there will be two deduction dates : 1) actual salary deduction 2) tax deduction:
1) actual salary deduction date, 30 June 2020
Per bank statement: Salary - CPF (20%) - CDAC = $2079.00
2) Payroll liabilities deductions for June 2020 happened the following month: 14 July 2020
Per bank statement: CPF (20%) + CDAC + CPF (17%) + SDL = $969.50
I don't think it's right to capture CPF (20%) and CDAC in Journal Entry2, it will be double entry. Help please!
Thank you in advance!
I need help in resetting a starting number
Hi @Lynette7,
I believe you're referring to the opening balance of your bank account in QuickBooks Desktop (QBDT).
For that, you'll need to open the Chart of Accounts first. From there, you can edit the opening balance of the account in question.
Here's how:
In case you encounter other opening balance issues for your bank accounts, keep this article for reference: Fix beginning balance issues in QuickBooks Desktop.
Feel free to let me know in the comments below if you have other questions opening balances in QBDT. I'll be sure to help you out.
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