Reconciling your bank account after transferring from QuickBooks Desktop (QBDT) to QuickBooks Online (QBO) can be challenging if the beginning balance isn't matching up and deposits aren't showing, denise.
Let's work side-by-side to ensure everything goes smoothly and you can complete your first reconciliation in QBO.
When reconciling an account for the first time and the beginning balance appears incorrect, most beginning balance discrepancies stem from an incorrect opening balance. Correcting the opening balance should resolve these issues.
First, double-check the opening balance of the account you're reconciling. Sometimes, the opening balance doesn't include pending transactions at the time it was created.
Here's how:
- Choose Transactions from the left navigation panel and then Chart of accounts.
- Find the account on the list.
- Select View register.
- Search for the opening balance entry. It should have "Opening Balance Equity" in the Account column.
- Take note of the date and balance.
Then, compare the opening balance with your real account by logging into your bank's website or checking your bank statement. Verify the account balance for the same date as the opening balance in QuickBooks and compare the two balances. If the opening balance in QuickBooks does not match your bank records, follow these steps to correct it:
- In QuickBooks, select the opening balance entry to expand the view.
- In the Deposit column, edit the balance to match it with your bank records.
- Once done, click Save.
However, if the balances match, the opening balance entered was correct. Proceed to Step 3 in this article: Fix issues the first time you reconcile an account in QuickBooks Online.
In response to your question about deposits not appearing in bank reconciliation, this could be due to the following factors:
- Deposits are not yet Added or Matched
- Not all transactions have been imported into QBO.
In such cases, I recommend navigating to the Banking page and checking the For Review section. Then, Add any entries that did not find an existing matching transaction in QBO. Alternatively, generate a report to identify any transactions that have not been imported.
Here are some articles that will help you get to know QBO, learn how to generate and manage reconciliation reports, as well as automatically categorize transactions from your bank:
Finally, I want to make sure you have all the support you need to get thoroughly acquainted with your new product. That’s why I’m excited to introduce QuickBooks Live Expert Assisted. You can connect with certified professionals through one-on-one video chats for personalized guidance on bookkeeping, financial optimization, and more.
These experts can help you understand the full range of QBO features, offer step-by-step assistance with setting up your accounts, and provide tips on how to use the software effectively. Whether it's about reconciliation, categorizing transactions, or generating reports, our experts are here to assist you.
Keep me updated in the comments section below if you have further questions or need clarification regarding your reconciliation process. We're always here to provide support and address any concerns you may have.
