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TUSSU
Level 5

bank reconciliation first time

Hi,

I have recently converted from Sage to Quickbooks. I have never used Quickbooks before. I need to reconcile July 2021 but when I put in the dates it shows me information from 2020 onwards, with July 2021 information at the bottom of the screen.

I am connected to my bank but the beginning balance is zero and I cannot find where I can enter a beginning balance.

Also in the Chart of Accounts there is a closing balance but no opening balance, my year is July1st to July 1st.

Any help greatly appreciated.

Best Regards,

Noel

2 Comments 2
MorganB
Content Leader

bank reconciliation first time

Good morning, TUSSU.

 

Thanks for reaching out for support here in the Community. You've come to the right place for assistance with reconciling in your QuickBooks account.

 

I appreciate all of the details you provided. Since you mentioned the beginning or opening balance is showing zero, you can enter this amount by using a journal entry. Here are the steps to get this done:

  1. Select + New.
  2. Select Journal entry.
  3. Enter a date that comes before the oldest transaction in the account. This will be the opening balance date.
  4. On the first line from the Account dropdown, select the account you want to enter the opening balance for.
  5. Add a note in the Description field so you know what the journal entry is for.
  6. On the second line from the Account dropdown, select Opening Balance Equity.
  7. Use your bank statements to enter the opening balance. Enter the balance of your real-life account for the date you picked as the opening balance.
  8. Enter the debits and credits based on the type of account you entered on the first line.
  9. Click Save when you're ready.

You'll then manually mark the entry as reconciled. It's always a good idea to talk to your accountant first before completing this type of action. The following linked article provides additional details about this process: What to do if you didn't enter an opening balance in QuickBooks Online

 

Once you've got the beginning balance entered, you're ready to start! Grab a cup of coffee and pull up your bank statements, oh and these articles will probably come in handy too:

 

Please don't hesitate to reach back out if  you have any other questions about reconciling or anything else in QuickBooks. The Community has your back!

TUSSU
Level 5

bank reconciliation first time

Hi,

many thanks for your quick response, I have managed to get to point 7, but do not know where to enter the opening balance?

also, I do not understand point 8: Enter the debits and credits based on the type of account you entered on the first line

Best Regards,

Noel

 

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