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accountant102
Level 1

How to fix the difference between bank balance on bank and bank balance on QBO?

I am doing bank rec for a client for 2018 and they started the business in 2017. I don't want to go back to 2017 to do the recon from which the owner agreed. So I started the bank recon on 2018.I changed the opening balance on QBO to match with the opening balance on the bank statement.  I am done reconciling the account in 2018 but the Bank balance on QBO does not match with bank balance. What should I do? should i create a journal entry to correct it? This is what it looks like right now (see attachment)

 

 

1 Comment 1
Regina_Lend_A_Hand_Accounting
Level 9

How to fix the difference between bank balance on bank and bank balance on QBO?

No. Your balances are way off! The opening balance equity amount that was entered should be replaced with "real" transactions. It is not a good idea to omit accounting transactions and just plug a number to force an account reconciliation. You should have an Accountant review what has been done to date and advise you on your next steps.

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