Hello QB Community,
I am running into a frustrating problem with Quickbooks Online. We had started using QuickBooks for our business in early 2020 and because our primary user was resistant to adoption (he was still keeping a paper ledger/register) the register quickly became out of balance for 2020. We wanted to reset for 2021 - the expenses entered in the register in QuickBooks are still valuable to to keep for historical records - so to start January 2021 we entered a figure into QuickBooks to give us the correct starting balance on our January bank statement.
We have since entered every transaction for 2021 consistently and have reconciled the QBO register every month so far in 2021. The problem is our balance in Quickbooks does not match the bank balance. I have gone through ever transaction in 2021 a second and third time. We have successfully reconciled for the month of January, February, March, and April. and have every transaction entered in the month of May.
The thing that is most confusing is that if the balance was off I would expect it to be less than the bank balance but instead it is more, by about $4000. I contemplated adding a corrective value to 12/31/2020 but I worry that might throw off the reconciliations that I already have performed, i.e. my January 2021 starting balance would then be off.
Does anyone have some suggestion on how I might solve this discrepancy?
