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Join nowI am using QuickBooks online for the first time, the opening balance is not corresponding with the opening balance on the statement. There is no previous report of the reconciliation for me to check the discrepancy. All files were exported from quickbooks online. However the opening balance was the same as the statement. What would be the cause of this?
Thank you for choosing QuickBooks Online, queryk.
I'm here to share some information about how the opening balance works.
The opening balance is the starting point of your account. It summarizes all your transactions and reflects the current balance of your real-life bank account
I can see that you've imported all the files to your QuickBooks account. By default, the program relies on the uploaded raw data. There are also times when unusual/unexpected behaviors occur upon importing files. This could be the reason why your opening balance didn't match your bank statement.
To ensure that everything matches your bank records from the start, you'll have to edit your opening balance in QuickBooks. I'll guide you how:
In addition, here are some resources that you can read to help keep your accounts balanced and up-to-date:
Do let me know if you need more help in managing your bank accounts and transactions. I'll be more than happy to assist you again.
Hi queryk,
Hope you’re doing great. I wanted to see how everything is going about the issue on your opening balance yesterday. Were you able to connect with our Payroll Correction Team yesterday? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at anytime.
Looking forward to your reply. Have a pleasant day ahead!
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