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Kelsie504
Level 1

reconciling transactions prior to opening balance and fixing transfers

We have 3 bank accounts connected to Quickbooks online. We've never reconciled it so I'm reconciling it now. Our main account goes back to 2013. The other 2 accounts were connected later and only go back to 2016 and 2019. In our main account, the expenses and transfers were recorded as checks because the previous accountant and the owner didn't know what they were doing. If I redo the transfers, they will appear in the other 2 account as the should, however, it is before the opening balance, making the whole thing incorrect. How do I fix the transfers so that doesn't happen?

1 Comment 1
MaryAnn_E
QuickBooks Team

reconciling transactions prior to opening balance and fixing transfers

 

 

I'm here to share information on how to reconcile accounts in QuickBooks Online, @Kelsie504.

 

To start with, you must get your Bank Statement, then open the Reconciliation you’ve made to that period. Crossmatch each transaction from Bank Statement with transactions reconciled into your QuickBooks Online (QBO) account.

 

One way to determine whether you have missing transactions either on your statement or in QBO is to compare the number of transactions listed on each is the same.

 

You don’t have to redo the transfers, you can exclude those transactions. Let me show you how:

 

  1. Go to the Banking menu on the left panel and select Banking to access the Bank and Credit Cards page.
  2. From there, choose the bank you’re working on.
  3. Under the For Review column, mark the box of the entry and then click the drop-down for Batch actions to select Exclude Selected.

 

The figures you have in your actual bank must also be the same as your QBO register. Refer to this link for detailed steps on how to do on to fix beginning balance issues during your first reconciliation in QuickBooks Online.

 

 

To know more on how to reconcile accounts in QBO, here are some helpful articles you can check:

 

Get back to me if you need anything else. Keep safe always.

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