United States United Kingdom Australia Canada (English) Canada (French) France Singapore South Africa Global Ireland
cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Did you mean: 
RMeadows
Level 1
posted
‎March 16, 2021 04:25 PM
last updated ‎March 16, 2021 4:25 PM

Switching from QB Desktop to QBO

Hello

Our company recently switched from QB desktop to QBO starting January 1st, 2021. 

We no longer made entries into the Quickbooks desktop as of the 1st..

Now I am trying to reconcile my credit card accounts with a closing date of January 15th, 2021. 

 

How to I reconcile the old books?

 

How do I make an entry to correct the starting balances of the bank accounts and credit cards as those were never entered? So our bank accounts are showing a negative balance and doesn't match the bank.

 

Thank you!

Reply Join the conversation
1 Comment 1
Rustler
Level 15
‎March 19, 2021 04:21 AM

Switching from QB Desktop to QBO

Yes make an entry as the starting balance for all affected accounts, and use opening balance equity as the offset account for the entry. ie
Debit bank and credit opening balance equity, dated back to the start date

Reply Join the conversation
Sign in for expert help
Ask questions, post replies & join our community of QuickBooks users.
Featured
Top 5 Questions - Year End Payroll
Happy New Year! Welcome back to another Year End Top 5. Are you wondering h...
Read more
Weekly Video FAQs: 1099s, W2s, & Bank Transactions
Read more
The Answer Room: A World of Support at Your Fingertips
We know how crucial it is for you to have access to the answers for your qu...
Read more

Need to get in touch?

Contact us