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StephLux
Level 2

Banks payment of previous year transaction that was not on Quickbooks

Hi Everyone,

I am new on quickbooks and I started from scratch for 2021 without importing previous year info.

Until now I was using Wave.

I am starting to get around the system but I have one issue with bank reconciliation. I imported my bank statement for January but of course I have transactions for invoices & bills from last year that are not on Quickbooks. What do I do with those transactions knowing that if I delete them it will have an impact on my bank balance ...

Thanks for your assistance

Steph

Solved
Best answer February 13, 2021

Best Answers
katherinejoyceO
QuickBooks Team

Banks payment of previous year transaction that was not on Quickbooks

Welcome to the Community, @StephLux

 

I'm here to help ensure you're able to reconcile your transactions for January 2021. 

 

We can exclude these bank transactions from the previous year. Here's how: 

 

  1. Go to the Banking menu, then choose Banking.
  2. Check the box beside the transactions you want to exclude.
  3. Click the Batch actions drop-down, then click Exclude Selected.

 

You may want to check out this article to learn more about excluding transactions in QBO

 

For future reference, read through this article to learn about detailed steps in reconciling your transactions in QuickBooks Online. 

 

Feel free to message again if you need more help in reconciling your transactions. I'm always delighted to get back and help. 

 

 

 

View solution in original post

JenoP
QuickBooks Team

Banks payment of previous year transaction that was not on Quickbooks

Joining the thread to help with your question about bank balance in QBO, StephLux.

 

You can create a journal entry to make your beginning balance for the start of the year similar to your bank statement. Here's how:

 

  1. Click the + New, then select Journal entry.
  2. Enter the date of the journal entry. This is when the balance in QBO will become effective.
  3. Proceed to the Account column. Select Opening balance equity in the first line and your bank in the second one. For Asset accounts, such as savings and checking and expense accounts, enter the opening balance in the Debit column on the first line. Then enter the same amount in the Credit column on the second line.
  4. Add a note in the Description field so you know what the journal entry is for.
  5. Click Save.

 

Here's an article about this process for more details: What To Do If You Didn't Enter An Opening Balance In QuickBooks Online

 

Let me also share these articles for additional guidance when reconciling your bank:

 

 

Please don't hesitate to reply again if you have follow-up questions. We're always here to help. 

 

View solution in original post

3 Comments 3
katherinejoyceO
QuickBooks Team

Banks payment of previous year transaction that was not on Quickbooks

Welcome to the Community, @StephLux

 

I'm here to help ensure you're able to reconcile your transactions for January 2021. 

 

We can exclude these bank transactions from the previous year. Here's how: 

 

  1. Go to the Banking menu, then choose Banking.
  2. Check the box beside the transactions you want to exclude.
  3. Click the Batch actions drop-down, then click Exclude Selected.

 

You may want to check out this article to learn more about excluding transactions in QBO

 

For future reference, read through this article to learn about detailed steps in reconciling your transactions in QuickBooks Online. 

 

Feel free to message again if you need more help in reconciling your transactions. I'm always delighted to get back and help. 

 

 

 

View solution in original post

StephLux
Level 2

Banks payment of previous year transaction that was not on Quickbooks

Hi Katherine,

Thanks for your answer.

I have just done it, now my questions is how to adapt my bank balance so that it reflects my bank statement ?

Thanks

JenoP
QuickBooks Team

Banks payment of previous year transaction that was not on Quickbooks

Joining the thread to help with your question about bank balance in QBO, StephLux.

 

You can create a journal entry to make your beginning balance for the start of the year similar to your bank statement. Here's how:

 

  1. Click the + New, then select Journal entry.
  2. Enter the date of the journal entry. This is when the balance in QBO will become effective.
  3. Proceed to the Account column. Select Opening balance equity in the first line and your bank in the second one. For Asset accounts, such as savings and checking and expense accounts, enter the opening balance in the Debit column on the first line. Then enter the same amount in the Credit column on the second line.
  4. Add a note in the Description field so you know what the journal entry is for.
  5. Click Save.

 

Here's an article about this process for more details: What To Do If You Didn't Enter An Opening Balance In QuickBooks Online

 

Let me also share these articles for additional guidance when reconciling your bank:

 

 

Please don't hesitate to reply again if you have follow-up questions. We're always here to help. 

 

View solution in original post

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