Let me guide you on how to match your QuickBooks balance with the one you have.
To ensure your QuickBooks balance matches your actual bank balance, please follow these steps in QuickBooks Online (QBO):
Review Opening Balance:
- Your opening balance in QuickBooks represents the balance of your real-life bank account on a specific day.
- If you’ve added transactions older than your opening balance, you’ll need to adjust it.
- Some users may require more transactions than what QuickBooks initially downloads when connecting their online bank accounts.
Track Older Transactions:
- If your opening balance summarizes all older transactions, you don’t need to enter them again.
- Start by tracking new transactions.
- However, if you need older transactions, proceed to the next step.
Edit Opening Balance:
- Go to Settings and select Chart of Accounts.
- Find and open the account you want to reconcile.
- Search the account register for the opening balance entry (usually labeled “Opening Balance Equity”).
- Edit the opening balance date and amount to match your bank records for the desired day.
- This sets a new opening balance for the account.
For further details about reconciliation please check this article: Reconcile an account in QuickBooks Online.
Additionally, if you need to fix previous reconciliation, please refer to this article for guidance: Fix issues for accounts you've reconciled in the past in QuickBooks Online.
Let me know if you have further concerns about your QuickBooks balance and the one you have. Keep safe.