cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

New Beginning Balance for 2020 after a few years of transactions

I am taking over accounting in QB for someone who hasnt been using it properly. 

 

I want to start fixing from Jan 2020 Only. How do I only reconcile from January 2020 if the accounts transactions go older then that. 

1 Comment
Highlighted
Moderator

New Beginning Balance for 2020 after a few years of transactions

Hello there, price0909,

 

Make sure the balance for the last day of 2019 totals the ending balance of your bank statement for the year 2019. Right after that, enter the opening balance of your chose date. You'll want to start in January 2020, so select any date from that month. 

  1. In QuickBooks Desktop, go to the Company menu and then select Chart of Accounts.
  2. Right-click anywhere on your Chart of Accounts and select New.
  3. Select Bank or Credit Card for the account type. Then select Continue.
  4. Give your account a name. If you have multiple accounts of the same type or at the same bank, give them unique names so they're easy to tell apart.
  5. Fill out the rest of the data fields.
  6. Select Enter Opening Balance. Later on, if you need to edit your opening balance, the button will be Change Opening Balance. 

Check this article for more information: Enter opening balances for accounts in QuickBooks Desktop.

 

However, if this is a previously reconciled account, you'll want to ask your accountant to undo the reconciliation. Here's an article for reference: Reconcile an account in QuickBooks Desktop.

 

I'll be right here if you have additional questions about reconciliation.

Need to get in touch?

Contact us