Experienced Member
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Reconciling accounts

I am helping my friend get rolling in her QuickBooks account for her small business and am facing a few challenges:

 

1. She must have created an opening balance on her checking account when connecting but it doesn't match anything that I can find. The QB online resources indicate to create a journal entry to correct to zero or the correct amount. When creating a journal entry I understand to put in her checking account and then the actual opening balance as a debit but I don't know what account to use for the credit. Would it be "Opening Balance Equity"?

 

2. She has her checking and credit card accounts connected to QuickBooks but they haven't pulled in the first few months of transactions (July, Aug, Sept 2017).  There are only a handful of transactions for those specific months and I only have PDFs of her statements. Would it be best to manually enter those expenses and credits? 

 

3. For some reason some of her transactions are showing up as multiple entries when I look at the Banking tab. How do I merge or delete duplicate transactions/expenses? Why would this be happening?

 

4. Since there seem to be multiple issues and she isn't even really using QB yet, would it be easier to just start over? I'm spending a lot of time troubleshooting things that I'm not quite sure how they came to be in the first place.

 

Thanks in advance for any help!
Vicki

Solved