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B
Bimbo
January 29, 2021
Question

Banking

  • January 29, 2021
  • 1 reply
  • 0 views

What happen if I accidentally picked up the wrong cut off date of the opening balance of a credit card statement? I have picked up the date and the amount 2 days after the cut off date. I have already downloaded the bank transactions from this date.  My question is, if I corrected the beginning balance, would the bank feeds still give those transactions between the correct date and the previous date?  The correct cut off date is much earlier than the previous date.

1 reply

MaryLandT
MaryLandT
Level 10
January 29, 2021

I'm here to help you with correcting the opening balance, Bimbo.

 

You pick a day to start tracking transactions when connecting your bank to QuickBooks. This amount and the start date set the account's opening balance.

 

Whatever date you choose, use your bank statement to get the account's balance for that day. QuickBooks tracks all of your opening balances for all of your accounts in an Opening Balance Equity account. This makes it easy to go back and look at what you entered later on.

 

Learn more about this through this link: Enter an opening balance for an account in QuickBooks Online.

 

To guide you on how to manage online banking, check this article: Connect bank and credit card accounts to QuickBooks Online. It includes categorizing and adding transactions to your bank register.

 

I'm adding these links for your future guide:

Let me know if you have additional concerns about connecting your bank for online banking. I'll be right here to help you.

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