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AmatuerBZAccountant
Level 1

shortest way to rectify bank account balances that haven't been on balance sheet which hasn't been updated in 2 years? ie. bank account balance on Dec 2018 was 100,000.00 and as of Dec 2020 it is 25,000 with a million transactions inbetween that time peri

 
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QuickBooks Team
QuickBooks Team

shortest way to rectify bank account balances that haven't been on balance sheet which hasn't been updated in 2 years? ie. bank account balance on Dec 2018 was 100,000.00 and as of Dec 2020 it is 25,000 with a million transactions inbetween that time peri

Let me help you with correct the ban account balance in QuickBooks Desktop, AmatuerBZAccountant.

 

The shortest way to rectify bank account balances that haven't been on the balance sheet for two years is to create a new journal entry. When it comes to the posting account you'll need to apply, I'd suggest contacting our accountant to guide you about this one. Here's how: 

  1. Go to the Company menu.
  2. Select Make General Journal Entries.
  3. Fill out the fields to create your journal entry. Make sure your debits equal your credits when you’re done.
  4. Press Save or Save & Close.

 

If you need to correct the Beginning Balance that is zero or incorrect, just recreate the opening balance but this option is not available in the Begin Reconciliation window. However, you can create a journal entry then do a mini-reconciliation to correct it. Here's how to create a journal entry using the correct date and amount you want to see in the Begin Reconciliation window:

  1. Go to the Company menu, then select Make General Journal Entries.
  2. Change the date to the correct statement date of your beginning balance.
  3. On the first line, select the appropriate account from the Account drop-down.
  4. Enter the correct opening balance in the Debit column.
  5. On the second line, select Opening Balance Equity.
  6. Press Save.

 

To do a mini-reconciliation to correct the Beginning Balance, just follow the steps below: 

  1. Go to the Banking menu, then select Reconcile.
  2. Select the appropriate account from the Account drop-down.
  3. Enter the statement date and ending balance that matches your Journal Entry.
  4. Select Continue.
  5. In the Deposits and Other Credits section, select the corresponding Journal Entry. The amount shown for the Difference should now be zero.
  6. Press Reconcile Now.

 

To learn more about reconciling your bank account, check out these articles:

 

Feel free to update us on the result after performing the steps in the comment below. I'd like to ensure this is resolved for you. Take care always. 

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