Hello Gunnar, I'm so thankful to find your video. I switched from desktop quick books to online version. The quick books tutorials gave only limited information and the live help spent hours trying to correct opening balance with no success. I appreciated the way you started out explaining what the balances mean. It really cleared up a lot of confusion for me. Your video was perfect! clear and easy to understand. I finally reconciled my account!! thank you! :)
Thank you for this feedback and I'm glad I was able to help get your accounts reconciled! I'm in the process of creating some online video ecourses right now that may be of use to you in the future as well!
I’ll be dealing with this very issue in January for a client This was helpful thank you, your videos have helped me through some rough patches before so can’t wait to see more! 🙏👍
Hi Gunnar! This video is so important to start a new book especially with older bank feeds with lots of transactions. If I want to start fresh book from say 1/1/24, do you recommend "Excluding" all old transactions prior to 1/1/24? I have seen some tutorials doing this, but I think you are more knowledgeable. Your thoughts? Also, do you have any videos on addressing the "Opening Balance Equity" after each year? Some people do not like this and move them to Owner's Equity. Thank you!
Thank you! I can’t say with 100% confidence without knowing the entire exact situation, but generally, yes I would “exclude” those transactions prior to 1/1/2024 as to clean things up and eliminate the possibility of categorizing something in the future in closed-off books prior to 2024, if I mistake is made or if you need to bring a transaction(s) back into the Bank feed, you can always click on the excluded tab, check the box(s) and hit “undo” and that will shoot those excluded transactions back into the Bank Feed for review. I don’t believe I have any videos directly on Opening Balance Equity, generally, I advise to do whatever you can to ensure this is $0, but yes, if there is legitimately a balance there that should be an Equity balance, then yes, I will “transfer” that balance over to the correct associated Equity account(s). Thanks for watching my videos and for all of the great feedback!
Very helpful information. I am stepping in and trying to clean up QB account. Can I change the parent or subcategory after the transaction is reconciled?
Yes you can, you will just get a pop-up message warning you that the transaction your attempting to change has already been reconciled. Just hit yes to that message to allow the change and it will go through. The transaction will still remain reconciled.
so do I delete the reconciliation error entry that you show at 13:34? I'm confused on which method you are showing. You continue to say that you are going to show the "bulk opening balance that we're going to do right now. Is deleting the reconciliation discrepency part of this process or not?
Hello! I get this and im having a really hard time fixing it. Help :( There’s a discrepancy We can’t find the transaction(s) causing this. This may be happening because you created an opening balance transaction in this account - but then deleted it. Here’s how you can fix this: Recreate the opening balance transaction Pro tip: Make sure the date is prior to the end date of your last reconciliation. Find the new transaction in the Register. Click on the transaction status column (✔). Select R to mark it as reconciled, then Save. Note: There may be a warning. Select Yes. Now try to reconcile again.
Hi! I would definitely need to dive deeper to help with this. Please see in the video description the link to a one-on-one Zoom training call with me if you would be interested in getting one of those sessions booked to get this figured out. Thank you!
I still use the desktop version of quickbooks . I don't have the time or patience to get back through years of unreconciled transaction...can I just start with 2023? If so, how can I do that?
I have no experience within Desktop so I can't say for sure. All I can say is that there are ways, at least in QBO to utilize bulk reconciliation and the Opening Balance Equity account to "force" a correct reconciled amount for accounts like banks/credit cards as of a date like 12/31/22. You could look at the register balance of the bank account as of 12/31/22, compare it to the actual statement balance of the account as of 12/31/22, and then create a journal entry utilizing the opening balance equity account to force the balance to match and then mark that journal entry as reconciled. Again, keep in mind I have no experience in Desktop and also there are a variety of variables in how to correctly handle this that would need more information provided via UA-cam comments. I hope this helps at least a little, thank you for watching
I had a situation reconciling a credit card account where, in addition to the ending balance of the previous month being paid in full, there was a refund from overpayment on a product. This resulted in a negative opening balance for the current month going into our first month using Quick Books. The software (online platform) didn't respond well to it being entered as a 'Negative' number, so as to express a credit. Any tips for that appreciated!
were u able to enter the negative op. balance ? if so, how did u reconcile it ? i was thinking it might be possible to reverse the under/over statements thru a journal entry, but i'm new to accounting
Go into the Reconciliation Page, choose the Bank or CC account, then click the link in the top-right “History by account”, then at the month(s) you want to redo, hit the down arrow all the way to the right next to ”View report” and then choose “Undo.
@@snipsnap7558 Ok, it seems that you may unfortunately not have access to undo a reconciliation, but need an Accountant file in order to unlock this feature. If you do not have a Bookkeeper on your QBO file you still have some options to get this completed: You can add yourself, using a second email as an accountant user on your QBO file, this is completely free. If interested, I would watch Hector's @HectorGarciaCPA video on how to do this here: ua-cam.com/video/G1HgijRQv00/v-deo.html Another option if you do not want to mess with signing up with another email is to just temporarily add me as an Accountant User on your QBO file by inviting me via my email: gunnar@essentially-intentional.com then, you can let me know which reconciliations you would like undone, I will go in and undo them, and then you can remove me as an Accountant user on your QBO file. I will not charge for any of this. Hope this helps and if I see an invitation from you then I will reach back via email to ask which reconciliation(s) you would like undone. Thanks for watching!
Thank you. This video saved me from banging my head on the desk.
You're welcome, I'm glad to hear that I prevented that!
You saved me twice. Used the second half of the video and just came back and used the first half. Whew
Glad to hear it!
Thanks for the video. Dealing with this exact issue with a startup company that's moving their accounting over to QuickBooks.
Thank you for the feedback! I'm glad to hear this topic was relevant
Hello Gunnar,
I'm so thankful to find your video. I switched from desktop quick books to online version. The quick books tutorials gave only limited information and the live help spent hours trying to correct opening balance with no success. I appreciated the way you started out explaining what the balances mean. It really cleared up a lot of confusion for me. Your video was perfect! clear and easy to understand. I finally reconciled my account!! thank you! :)
Thank you for this feedback and I'm glad I was able to help get your accounts reconciled! I'm in the process of creating some online video ecourses right now that may be of use to you in the future as well!
I’ll be dealing with this very issue in January for a client
This was helpful thank you, your videos have helped me through some rough patches before so can’t wait to see more! 🙏👍
Thanks for the feedback Joey, I'm glad they're helping!
Amazing - saved me from starting all the way over. QB support wasn’t able to help with this but you saved the day!
Glad to hear this! Thank you for this feedback and I'm glad I was able to help and prevent you from having to start all the way over.
Hi Gunnar! This video is so important to start a new book especially with older bank feeds with lots of transactions. If I want to start fresh book from say 1/1/24, do you recommend "Excluding" all old transactions prior to 1/1/24? I have seen some tutorials doing this, but I think you are more knowledgeable. Your thoughts?
Also, do you have any videos on addressing the "Opening Balance Equity" after each year? Some people do not like this and move them to Owner's Equity. Thank you!
Thank you! I can’t say with 100% confidence without knowing the entire exact situation, but generally, yes I would “exclude” those transactions prior to 1/1/2024 as to clean things up and eliminate the possibility of categorizing something in the future in closed-off books prior to 2024, if I mistake is made or if you need to bring a transaction(s) back into the Bank feed, you can always click on the excluded tab, check the box(s) and hit “undo” and that will shoot those excluded transactions back into the Bank Feed for review. I don’t believe I have any videos directly on Opening Balance Equity, generally, I advise to do whatever you can to ensure this is $0, but yes, if there is legitimately a balance there that should be an Equity balance, then yes, I will “transfer” that balance over to the correct associated Equity account(s). Thanks for watching my videos and for all of the great feedback!
WOW, this was really helpful. Thanks so much for this! All the best!
Your tutorial Really helped me... I had a huge reco discrepancies... It saved my day... Thanks a lot❤
I'm glad to help! Thank you for watching.
Very helpful information. I am stepping in and trying to clean up QB account. Can I change the parent or subcategory after the transaction is reconciled?
Yes you can, you will just get a pop-up message warning you that the transaction your attempting to change has already been reconciled. Just hit yes to that message to allow the change and it will go through. The transaction will still remain reconciled.
Thank you so much for the information. Are you still taking new clients? I need help with my job.
You're welcome! It depends on the situation/type of client. Will you email me? gunnar@essentially-intentional.com
so do I delete the reconciliation error entry that you show at 13:34? I'm confused on which method you are showing. You continue to say that you are going to show the "bulk opening balance that we're going to do right now. Is deleting the reconciliation discrepency part of this process or not?
nevermind....I figured it out. math is hard
Hello! I get this and im having a really hard time fixing it. Help :(
There’s a discrepancy
We can’t find the transaction(s) causing this. This may be happening because you created an opening balance transaction in this account - but then deleted it. Here’s how you can fix this:
Recreate the opening balance transaction
Pro tip: Make sure the date is prior to the end date of your last reconciliation.
Find the new transaction in the Register.
Click on the transaction status column (✔).
Select R to mark it as reconciled, then Save.
Note: There may be a warning. Select Yes.
Now try to reconcile again.
Hi! I would definitely need to dive deeper to help with this. Please see in the video description the link to a one-on-one Zoom training call with me if you would be interested in getting one of those sessions booked to get this figured out. Thank you!
I still use the desktop version of quickbooks . I don't have the time or patience to get back through years of unreconciled transaction...can I just start with 2023? If so, how can I do that?
I have no experience within Desktop so I can't say for sure. All I can say is that there are ways, at least in QBO to utilize bulk reconciliation and the Opening Balance Equity account to "force" a correct reconciled amount for accounts like banks/credit cards as of a date like 12/31/22. You could look at the register balance of the bank account as of 12/31/22, compare it to the actual statement balance of the account as of 12/31/22, and then create a journal entry utilizing the opening balance equity account to force the balance to match and then mark that journal entry as reconciled. Again, keep in mind I have no experience in Desktop and also there are a variety of variables in how to correctly handle this that would need more information provided via UA-cam comments. I hope this helps at least a little, thank you for watching
Hi Gunnar, my credit card reconciliation is kind of mass. Could you help?
I had a situation reconciling a credit card account where, in addition to the ending balance of the previous month being paid in full, there was a refund from overpayment on a product. This resulted in a negative opening balance for the current month going into our first month using Quick Books. The software (online platform) didn't respond well to it being entered as a 'Negative' number, so as to express a credit. Any tips for that appreciated!
were u able to enter the negative op. balance ? if so, how did u reconcile it ?
i was thinking it might be possible to reverse the under/over statements thru a journal entry, but i'm new to accounting
Hi can you please show me how you undo the reconciliation
Go into the Reconciliation Page, choose the Bank or CC account, then click the link in the top-right “History by account”, then at the month(s) you want to redo, hit the down arrow all the way to the right next to ”View report” and then choose “Undo.
@@essentiallyintentional Hi Gunnar. I tried this step. I click the arrow next to "View Report" and it showed "Print". I has no "Undo" option
@@snipsnap7558 Ok, it seems that you may unfortunately not have access to undo a reconciliation, but need an Accountant file in order to unlock this feature. If you do not have a Bookkeeper on your QBO file you still have some options to get this completed: You can add yourself, using a second email as an accountant user on your QBO file, this is completely free. If interested, I would watch Hector's @HectorGarciaCPA video on how to do this here: ua-cam.com/video/G1HgijRQv00/v-deo.html
Another option if you do not want to mess with signing up with another email is to just temporarily add me as an Accountant User on your QBO file by inviting me via my email: gunnar@essentially-intentional.com then, you can let me know which reconciliations you would like undone, I will go in and undo them, and then you can remove me as an Accountant user on your QBO file. I will not charge for any of this. Hope this helps and if I see an invitation from you then I will reach back via email to ask which reconciliation(s) you would like undone. Thanks for watching!
@@essentiallyintentional Hi Gunnar, I wrote to your email.