matching up qb bank balance and actual balance

Let me guide you on how you can reset your QuickBooks balance, Michael Hunter.

Normally, correcting the opening balance will fix the issue. You'll want to edit the amount to match the actual bank balance. To do this, follow the detailed steps below:

1. Click the Gear ⚙️ icon, then select Chart of Accounts.
2. Locate the account, then go to the Action column and select View register.
3. Find the opening balance entry. Tip: If you've got the Date column sorted from newest to oldest, the opening balance entry may be at the end of the list.
4. Select the opening balance entry.
5. Edit the amount. Tip: If you're not able to edit the amount directly on this screen, in some cases you can edit by selecting the Edit ✎ icon.
6. Click Save. Your change will not be saved if you navigate away from the register without saving.

Then, start reconciling the account. For more details, please read this article for more information: Fix Issues The First Time You Reconcile An Account In QuickBooks Online.

Please get back to us if you need anything else about resetting the QuickBooks balance. We're here to help.

Thank you for the reply, however i am unsure if this is correct in my case.

my quickbooks started in 2007 and when i receive payments i deposit them into my bank account on the software, so for 14 years quickbooks has seen money going into my bank but nothing out as i never used it for this purpose.

now in 2022 i have connected my bank and there is a difference of £700,000.00 between my actual bank and quickbooks account

Thank you for the reply, however i am unsure if this is correct in my case.

my quickbooks started in 2007 and when i receive payments i deposit them into my bank account on the software, so for 14 years quickbooks has seen money going into my bank but nothing out as i never used it for this purpose.

now in 2022 i have connected my bank and there is a difference of £700,000.00 between my actual bank and quickbooks account

I can help you correct the opening balance, @Michael Hunter. 

To resolve this discrepancy, I suggest checking the account's balance the day you choose to start tracking transactions in QuickBooks Online (QBO). Update the Opening Balance Equity from here. 

Here's how:

1. Select the Accounting menu, then select Chart of Accounts.
2. Find the account on the list and click on select View register.
3. Search for the opening balance entry. It should have Opening Balance Equity in the Account column.
4. Take note of the date and balance.

Check this article for more information about reviewing your beginning balance: Fix issues the first time you reconcile an account in QuickBooks Online.

After adding your transactions, you can now match and categorize those transactions and reconcile them to ensure your books are accurate and there aren't any duplicate transactions:

• Categorize and match online bank transactions in QuickBooks Online
• Reconcile an account in QuickBooks Online

If you have other questions about adding your bank transactions, I'm happy to answer them for you. Just post it here as a reply and I'll take a look at it. Have a good one.