However, the bank account amount on the Chart of Accounts SHOULD match the In QuickBooks amount on the same date, because that amount is based on the bank register ONLY and not what appears at the bank. It's OK for the Bank Balance and In QuickBooks to not balance on a daily basis, because outstanding checks are not present at a bank, until they're cashed. However, using that same example, the Bank Balance feed may show $39, while the In QuickBooks may show $40, because until the $1 appears at the bank, the only place it exists is the check register. If there is a conversion on 3/15/19 with a bank balance of $39, but the bank balance on 3/16/19 is $40, there needs to be an entry for the $1 difference, in order to reconcile the bank account on 3/31/19. In other words, the balance before the bank reconciliation must be entered, in order for a reconciliation to be possible. In order to correct the problem, verify the bank balance as of the date of conversion and make that entry into the check register. If there is a beginning bank balance due to a conversion that is NOT entered in the check register, then whenever there is a bank reconciliation started, there will not be a reconciliation possible. In QuickBooks is based on the check register. Bank balance is what the bank is showing as the ins & outs of transactions. Something to understand at the base is the "Bank Balance" & "In QuickBooks" may not always equal or "balance". It seems there are different issues stemming from the original question. Whew, a bit long but I hope you can help. How do I adjust the Bank Balance to correct the $441.71? Now, my ACTUAL bank account, my " In Quickbooks" and Chart Of Account balance are identical at $1,369.76 which is correct but because there was no opening balance in the import, the Bank Balance in Quickbooks is showing $441.71 which is a difference of $928.05, the opening balance. Therefore, balances were imported from the QBO file into QB Online without it.
CHECKBOOK BALANCE SHEET SOFTWARE
I used software called CSV2QBO to convert the CSV to QBO format which was accepted however, in the conversion to QBO, I forgot to enter the starting Balance of 928.05. When connecting the bank manually, the CSV I downloaded from my bank got an "Invalid File Format" error. This is now where my quote above comes into play. i could not connect my bank at the time as my bank is not listed with Intuit QB Online. As such, the Bank account was imported with the chart of accounts with the Opening Balance Equity of $928.05 which is correct. I subscribed to QB Online and imported my customers (and their balances), Products, Suppliers and Chart of Accounts manually. I forgot to advise that I was a QB Desktop user. Now, My "In Quickbooks" balance is correct and spot on with my actual bank balance however my "Bank Balance" in Quickbooks online is incorrect with a difference of the opening balance." Where i went wrong was I did not enter the opening balance in the software and uploaded the qbo file to my Quickbooks Online account. " As such, I downloaded a CSV file from my bank and used CSV2QBO software to convert it. I realize now that my explanation was not clear and I apologize for that. I'm just a few clicks away if you have any additional questions. When you're ready to reconcile in the future, here an article link: Reconcile bank accounts in QuickBooks Online. To view the detailed instructions, you can open this article: What to do if you didn't enter an opening balance in QuickBooks Online.
Once done, make sure to manually reconcile the transaction in the bank register. Enter a note in the Description field so you know what the journal entry is for.Select Opening Balance Equity in the Account column on the second line.You can use your bank statements to enter the opening balance. On the first line, select the account you want to enter the opening balance for.Make sure it's before the oldest transaction already in your account. On the left panel, click + New > Other > Journal Entry.To enter the opening balance, you can create a journal entry by following these steps: I do have the steps to help you get back to business. Thanks for joining this thread, deycomin.