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ccutright
Level 2

what beginning balance to use when setting up an account - bank statement ending balance that does not include outstanding checks or my manual actual balance

When entering a beginning bank balance through account set up, do I use the last month bank statement balance that does not include outstanding checks or the correct balance that has been kept manually (and does equal the reconciled bank balance).  We will begin on QB's July 1 but the account has been in existence for years.  We are not going back and reentering last months transactions so what do I do with the outstanding checks that shows on the next bank statement but will not be in QB's to be reconciled?

1 Comment 1
MaryAnn_E
QuickBooks Team

what beginning balance to use when setting up an account - bank statement ending balance that does not include outstanding checks or my manual actual balance

Hi there, @ccutright.

 

When you create a new account in QuickBooks, pick a day to start tracking transactions. Your accounts need to match the real-life bank and credit card accounts.

 

Since you've had the account for a while, start your opening balance when you get your next bank statement. Choose an easy date to start your opening balance. Then use your bank statement to get the account balance for that day.

 

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 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.

 

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.

 

 

 I'm always available here for all your questions and concerns. Stay safe always.

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