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Community Contributor *

New Company created from Export/Import - Beginning Bank Balance

Just did a export/import for our database of about 10 years.  Wanted to start new and simpler.  It worked out well however I'm unable to figure out how to get the beginning bank register balance entered.   The bank name and info came over.  Now just need to add the beginning balance.

 

Ideas?

 

And much thanks!

Darryl

Solved
Best answer 01-02-2019

Accepted Solutions
QuickBooks Team

Re: New Company created from Export/Import - Beginning Bank Balance

Hi, Darryl @dholley328.

 

Welcome back to the Community. I'm here to help add the beginning balance on your bank register in QuickBooks Desktop (QBDT).

 

First off, I want to congratulate you for successfully performing the export/import. To add the beginning balance to your newly created company file, follow the steps below:

 

1. Go to List menu at the top, then pick Chart of Accounts on the drop-down (or press Ctrl + A on your keyboard for the shortcut).
2. Right-click the bank account, then choose Edit Account.
3. Select the Enter Opening Balance button, then enter the Ending Balance and Ending Date from the last bank statement you received before your QuickBooks Start Date.
4. Click Ok, then Save & Close.

 

I also added some sample screenshots for your guide.

 

 

 

That should help you enter your beginning/opening balance. You can visit this article for more information on how to record opening balance in QBDT. Just in case you need it, you may also check out this article for future reference: Zero or incorrect Beginning Balance in the Begin Reconciliation Window.

 

Please let me know how it goes by leaving a comment below. I'm only a post away should you have any follow-up questions about the process. Take care and have a great rest of the day!

10 Comments
QuickBooks Team

Re: New Company created from Export/Import - Beginning Bank Balance

Hi, Darryl @dholley328.

 

Welcome back to the Community. I'm here to help add the beginning balance on your bank register in QuickBooks Desktop (QBDT).

 

First off, I want to congratulate you for successfully performing the export/import. To add the beginning balance to your newly created company file, follow the steps below:

 

1. Go to List menu at the top, then pick Chart of Accounts on the drop-down (or press Ctrl + A on your keyboard for the shortcut).
2. Right-click the bank account, then choose Edit Account.
3. Select the Enter Opening Balance button, then enter the Ending Balance and Ending Date from the last bank statement you received before your QuickBooks Start Date.
4. Click Ok, then Save & Close.

 

I also added some sample screenshots for your guide.

 

 

 

That should help you enter your beginning/opening balance. You can visit this article for more information on how to record opening balance in QBDT. Just in case you need it, you may also check out this article for future reference: Zero or incorrect Beginning Balance in the Begin Reconciliation Window.

 

Please let me know how it goes by leaving a comment below. I'm only a post away should you have any follow-up questions about the process. Take care and have a great rest of the day!

Community Contributor *

Re: New Company created from Export/Import - Beginning Bank Balance

Thank you!   Perfect!

 

Next question if I may:

I just created the Bank Feeds; it downloaded over 200 transactions.  I don't want any of them for 2018.   It would let me 'ignore' one at a time.   Is there a batch way to get rid of all those transactions?  I only want 1-Jan-2019 forward in the new file.

 

Thanks.

QuickBooks Team

Re: New Company created from Export/Import - Beginning Bank Balance

I've got you covered, Darryl @dholley328.

 

I have just the steps you'll need to remove these transactions by batch

 

This can be accomplished by following these steps:

 

To ignore transactions by batch in the Bank Feeds Center

  1. Click the Banking menu at the top.
  2. Select Bank Feeds, then Bank Feeds Center.
  3. Choose the bank account, then click Transaction List.
  4. On the Transaction List page, put a check mark on the checkbox column to select all the transactions you need to ignore.
  5. From the Batch Actions drop-down menu, choose Ignore.
  6. Click Yes.

Ignore transactions.PNG Ignore transactions 2.PNG Ignore transactions 3.PNG Ignore transactions 4.PNG

All of this information and more is available in our guide on how to handle bank transactions. Just go to the last section, Do you need to delete unmatched transactions from your Bank Feeds, and click Yes.

 

That should do it. With these steps, you'll be able to get rid of those transactions like a pro in no time!

 

 Keep in touch with me here should you have any additional questions or concerns. I'm always available here for all questions and concerns. Thanks for coming to the Community, cheers to continued success.

Experienced Member

Re: New Company created from Export/Import - Beginning Bank Balance

So . if I do that as you've explained , will this set me up for my first reconciliation, or do I need to do a general journal , still? 

Experienced Member

Re: New Company created from Export/Import - Beginning Bank Balance

Do I do this instead of what QB's suggest i do when I have a zero balance? or do I do this and what QB's suggests as well?

QuickBooks Team

Re: New Company created from Export/Import - Beginning Bank Balance

Thanks for joining this thread, @nepedra02

 

I'm here to share answers to your reconciliation concerns. 

 

If your bank account is new, you don't need to create a journal entry after you've entered an opening balance on the Chart of Accounts page. If you have outstanding transactions in the account, you'll need to create a journal entry so it'll debit your account and credit the opening balance equity.

 

Here's how: 

 

  1. Go to the Company menu at the top. 
  2. Choose Make General Journal Entries.
  3. Set the date and enter a number for the journal entry.
  4. From the Account column, select the bank or credit card account. Enter the amount in the Debit column. 
  5. On the next line, click the Account and from the drop-down, choose Opening Balance Equity. Enter the amount in the Credit column. 
     

Then, you'll need to record the outstanding entries by creating checks or deposits using the Opening Balance Equity as the expense/income account. By doing so, these transactions will become available for reconciliation.

 

After that, you can do a mini-reconciliation to correct the Beginning Balance in the Begin Reconciliation window. Here's how: 

 

  1. Go to the Banking menu at the top.
  2. Select Reconcile.
  3. From the Account drop-down, choose the appropriate account. 
  4. Type in the statement date and ending balance that match your journal entry.
  5. Click Continue.
  6. In the Deposits and Other Credits section, choose the corresponding journal entry.
  7. Click Reconcile Now.

 

For more information, you can check out these helpful articles below: 

 

 

This will get the information you need for today, @nepedra02

 

I'll be around to help if you need further assistance. Have a good day.

Experienced Member

Re: New Company created from Export/Import - Beginning Bank Balance

Awesome!

QuickBooks Team

Re: New Company created from Export/Import - Beginning Bank Balance

 

Thanks for getting back to us, @nepedra02

 

I'm happy your reconciliations concerns are already resolved. 

 

Please know you're always welcome to post here in the Community if you have any questions. Just remember, we're always got your back. Cheers!

Experienced Member

Re: New Company created from Export/Import - Beginning Bank Balance

We just started using Quickbooks in our office, and sort of started backwards.

We were writing checks out of our operating account, and as there was no beginning balance put in, it showed a negative balance. Once we downloaded the Web-Connect file from PNC, it created a new bank account, different from the one we had been writing checks from. I tried to merge, but it will not allow me to. Any other way to merge these accounts?

QuickBooks Team

Re: New Company created from Export/Import - Beginning Bank Balance

Hello, @Joey_Hancock.

 

You should not be worried about being unable to add the beginning balance of your account. I have some steps to share so you can enter a beginning balance that will match the downloaded bank transactions.

 

You can create a bank deposit and enter the beginning balance of your transactions. In doing this, make sure that you'll enter the correct start date prior to adding the transactions.

 

To do that:

  1. Click on Banking at the top menu bar.
  2. Select on Make Deposits.
  3. Enter the correct date.
  4. Choose Opening Balance Equity as the account in the Account from section.
  5. Enter the Amount.
  6. Click on Save.

To give you complete details about this process, kindly see these links below:

That should do it!

 

Please keep me updated on how things turns out. I'd like to ensure you're all set. Have a great day!