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.
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:
Select + New.
Select Journal entry.
Enter a date that comes before the oldest transaction in the account. This will be the opening balance date.
On the first line from the Account dropdown, select the account you want to enter the opening balance for.
Add a note in the Description field so you know what the journal entry is for.
On the second line from the Account dropdown, select Opening Balance Equity.
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.
Enter the debits and credits based on the type of account you entered on the first line.