QB Issue Resolution:

I want to ensure your book balances are correct in QuickBooks Online.

 

Once you add your bank data into QuickBooks, it automatically updates the register balance which directly affects your financial reports. If you want to correct any discrepancies after the import, you’ll need to review each transactions making sure it matches with the bank statements. If there are corrections to be made, I highly recommend contacting an accounting professional to help you with the correct way to remedy the discrepancy and guide you with what accounts to use.

 

You also have the option to edit the opening balance if you haven’t created any transactions by creating a journal entry. Here’s how:

 

  1. Click the Create icon (+).
  2. Pick Journal Entry.
  3. Key in the Journal date and fill out the Account field.
  4. Add the amount in either the Debit or Credit column. For assets and expense accounts, enter the opening balance amount in the Debit column. For liabilities, equity, and income accounts, enter the opening balance amount in the Credit column.
  5. Next, select the Opening Balance Equity account in the Account column
  6. Enter the opening balance amount in the opposite column than the one you used on the first line.
  7. Hit Save.

You can check out this article to know more about the process: How to enter a beginning balance for an existing account

 

Please update me once you’ve tried the steps. I want to make sure you’re all set with the reconciliation process. I’ll keep an eye out for your response.

Resolution for Issue 'Establishing a new QBO file mid year. Entered current year income and expenses based on bank feed. Net income is throwing off opening equity balance. How to remedy?' available: Yes (Solved).
Source: Intuit Community forum.

Establishing a new QBO file mid year. Entered current year income and expenses based on bank feed. Net income is throwing off opening equity balance. How to remedy?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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