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office-littlebay
Level 1

Can you reconcile all last year bank statements on Quickbooks Online?

New business that just started Quickbooks online. So none of last years bank statements have been reconciled. How do I do this when beginning balance is not the same?
2 Comments 2
Rasa-LilaM
QuickBooks Team

Can you reconcile all last year bank statements on Quickbooks Online?

Welcome aboard to the Community, office-littlebay.


Thanks for being part of the QuickBooks family. Let me guide you on how to reconcile your last year’s bank statements.


In QuickBooks Online (QBO), reconciling an account is quick and easy. This includes older transactions. Before performing the process, make sure to keep the following information:

 

  • Get all of your bank and credit card statements together before you start. If you don't have them all, get them from your bank's website or contact them directly.
  • Your bank and credit card statements are the source of truth. QuickBooks should always match them, not the other way around.
  • Always start with your oldest bank statement. Then reconcile each month, one at a time. The order matters. If there's an issue with an earlier reconciliation, it affects all reconciliations going forward.
  • If you reconciled an account at some point during the past year, start from where you left off. Then continue to reconcile each month, one at a time.
  • If you have a lot of transactions to reconcile in QuickBooks, you may not see them in a single window. Use the search and filter features to narrow down the list.


Since the beginning balance is not the same as your bank, let’s edit the one recorded in QuickBooks to correct it. I’ll help and show you how to accomplish this task.

 

  1. Open your company and head to the Accounting menu on the left panel and choose Chart of Accounts.
  2. In the All Lists screen, look for the account you’re working on and click the View register link under the Action column.
  3. From the list, look for the opening balance entry and click on it to expand the line (labeled with Opening Balance Equity).
  4. Change the date and amount or press the Edit menu to update the information

  5. .Click the Save button.reconc qbo.png

 

After updating the amount, you can start reconciling the bank statement. This link will guide you on how to reconcile transactions that are older than your opening balance in QuickBooks Online. You’ll also learn about recording older entries and editing the opening balance.


In case you’ll encounter any hurdles balancing your account, the links below contain troubleshooting steps to resolve them.

 

 

Drop a comment below if you have additional concerns reconciling your bank statements. I’ll jump right back in to assist further. Wishing you and your business continued success.

Fiat Lux - ASIA
Level 15

Can you reconcile all last year bank statements on Quickbooks Online?

@office-littlebay 

As an option, explore MT Online. It is designed to import into any bank or credit card in QuickBooks Online, so there is no specific setting needed. 

https://www.moneythumb.com/?ref=110

 

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