Transfered data from Peachtree to QB Desktop to QBO. Connected to Bank as of 1/1/20. Can someone help guide me in my first bank recon?

Adding to my post- Can I just change the opening balance from zero to the prior ending balance on my statement?  Will the old entries, previously reconciled in the old Peachtree system go away, or will I continue to ignor them?

Hello there, 701cca@wwrbookke. It's nice to hear from you.

Since your account is connected to online banking, you can just download the transactions from your bank. Once done, edit your opening balance. To make your first reconciliation much easier, I'd suggest setting the opening balance at the beginning of a bank statement. Here's how:

1. Go to Accounting on the left panel.
2. Within the Chart of Accounts, find and open the account.
3. Then, look for the opening balance entry. 
4. Edit the opening balance so the date and amount match your bank records.

Afterward, you can start with the reconciliation process to keep your accounts and transactions organize in QuickBooks Online. I've got some articles about reconciling accounts for further instructions:

• Reconcile an account. 
• Reconcile transactions that are older than your opening balance.
• Fix issues the first time you reconcile an account.

Also, you can consult your accountant for additional information to make sure everything is properly set up. They can help you organize without affecting older transactions.

Please comment below if you have other concerns as go along with QuickBooks. I'm right here with the Community to help you anytime. Stay healthy and enjoy your day!

Thanks for this, but I don't think this will work for me.

This company has been in business for a number of years.  The online banking information goes back to February 2016, as a continuation of many years.  There is no opening balance showing in history.  How do I get the opening balance corrected in this situation?  

Thanks for following up with the Community, 701cca@wwrbookke.
 

If your opening balance is invalid, you can edit it through the account's register.

Here's how:

1. Use your Gear (⚙️) icon.
2. Go to Chart of Accounts.
3. Find the account, then click View register under its Action column.
4. Locate your opening balance entry.
5. Edit its amount. If you're not able to make changes from this screen, in some cases you can update amounts by choosing Edit.
6. Select Save.

In the event there isn't an opening balance, and your account hasn't been reconciled yet, you can enter it. If you've completed a reconciliation, or have questions, I'd recommend working with an accounting professional.
 

In the event you're in need of one, there's an awesome tool on our website called Find an Accountant. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.
 

Please don't hesitate in sending a reply if there's any additional questions. Have a great Monday!