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Hi Professionals, my client books is in a mess, bank and credit cards are not reconciled and in case reconciled the opening balance is mess up on the following months. sometimes two registers for one bank account. no description for the transactions or attachments with bills, improper classification. equity is mixed between personal and business. this mess is for than two years. I agreed with my client to open a new account for 2024 to save our time but the issue what should the open balance in the new QBO especially for BS accounts. My client is accrual basis. I recommended to take the end balance as of end of Dec. in all banks and credit cards statements and consider it the beg balance.
Thank you for posting here in the Community, @mhelemish.
I can share some information about opening balances that you can set in your accounts.
When you create a new account in QuickBooks, you'll be prompted to select a day to start tracking transactions. Once you have chosen the day, you'll need to enter the balance of your actual bank account for that day. This amount, along with the selected start date, will determine the account's opening balance.
In the meantime, here's how you can edit the opening balance of your chart of accounts to reconcile your accounts:
Once done, you can start reconciling your accounts. If you come across any problems while reconciling your account for the first time in QuickBooks Online, you can fix them by following these steps: Fix issues the first time you reconcile an account in QuickBooks Online.
However, if you have already reconciled the account previously, then you should use the same steps to address any issues: Fix issues for accounts you've reconciled in the past in QuickBooks Online.
Let me know if you need further help reconciling your accounts. I'm always here to assist. Have a wonderful day!
Thanks for the clarification, however, my question is not only for banks, it's for all BS accounts. most of the BS accounts are in a mess. So, in terms of double-entry, what will be the impact if I entered a balance of $5ok? in AR, which account will be increased? Equity, RE, or Sales? That's just an example of BS accounts.
I am thinking of creating an Excel sheet first with my client to stand out with reasonable balances. I appreciate your quick response.
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