I am brand new to quickbooks and I worked with an expert to get my accounts and everything set up. We imported a bunch of stuff, but now none of the totals in QB match what is in my accounts.
I feel like you have to be an accounting to do basic books in this system. Am I crazy that it shouldn't be this hard? How can I have 20 transactions or whatever and nothing balances and stuff is in multiple places?
If you have any advice I'd appreciate it. If you've never done this before, it seems like living on mars.
Hi there, @ScottFlynn. With the help of this information, you'll be a QuickBooks master in no time.
Did you import bank transactions into QuickBooks Online (QBO)? There are several factors why your bank balance in QBO doesn't match your actual bank balance. Often, they don't match because the actual account is constantly being updated. There may be new transactions that are not yet on your record.
I'd suggest reconciling your accounts starting from the very first month. Then, go month by month until you reach the most recent statement.
Here's to start reconciling:
In QuickBooks Online, select the Gear icon and then select Reconcile. If you're reconciling for the first time, select Get Started first and then Let's do it.
From the Account drop-down menu, select the account you want to reconcile. Make sure it's the same one on your statement.
Check the Last statement ending date. Make sure your bank statement starts the day after your last reconciliation.
Review the Beginning balance. Make sure the beginning balance in QuickBooks matches the one on your bank statement. Follow this article if they don't conform: Review Opening Balance.
Enter the Ending balance and Ending date as they're written on your bank statement. Some banks call the ending balance a "new balance."
When you're ready to start, select Start reconciling.
From there, you'll have to mark the transactions that appear on your statement.
Once done, the difference between your statement and QuickBooks should be $0.00.
Select Finish now and then select Done.
To learn more about the reconciliation workflow in QuickBooks, you can refer to the articles below. It contains complete information to keep your accounts accurate:
Hope you’re doing great. I wanted to see how everything is going about working with your transactions. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at anytime.
Looking forward to your reply. Have a pleasant day ahead!