It's good to know that you've reviewed your bank statement to check and correct your opening balance in QuickBooks Online (QBO), Melissas.
You can verify your balance by comparing your bank statement with your QuickBooks balance to ensure accuracy.
Instead of creating a journal entry, you can follow the outlined steps below to fix it:
Make sure you're reconciling the correct account for the correct month. Go to Transactions, then select Reconcile, and Select the account that you want to reconcile from the Account ▼ dropdown.
If you have multiple accounts at the same bank or more than one account of the same type, make sure you're reconciling the right one.
If you recently entered older transactions dated before your opening balance, then continue with these steps.
- Click on Settings ⚙, then Chart of accounts
- Find the account on the list and select View Register.
- Search for the opening balance entry. It should have "Opening Balance Equity" in the Account column. Take note of the date and balance.
If you need to add transactions that are older than the opening balance, you need to edit the start date and balance. This sets a new starting point and prevents QuickBooks from counting transactions twice.
- Choose Settings ⚙ and select Chart of Accounts. Locate the account and select View Register.
- Find the opening balance entry. Sort the date column to show the oldest entries first. Choose the opening balance entry.
- Edit the date, then the amount. If needed, select Edit to make your changes. Select Save.
In addition, once you get back on track after resolving the opening balance. You can check this article: How do I view, print, or export a reconciliation report?
I'm always here if you have other questions about your bank transaction, just comment below. Have a great day!
