I successfully linked my bank account to QB online and QB downloaded the last 60 days of transactions and an opening balance for the start date. Subsequently I uploaded the older transactions from the bank for the period upto the date which QB already had data.
My problem is that QB is duplicating the opening balance and the balance for the earlier transactions I manually uploaded. I have not reconconciled the bank account as yet. Is there a way to eliminate this doubling of amount.
This is a great question.
Yes, whenever your downloads your last 90 days, it creates a bank register entry for adding opening balance to your bank account. And the other of this entry goes to Opening Balance Equity under Equity Account. This is where you will need either delete this entry or change the opening balance date with a new opening balance amount (if you’ve downloaded prior transactions with opening balance but not from day one).
To go the Opening Balance Equity Account:
From the left dashboard > Accounting > Chart of Accounts
Locate “Opening Balance Equity” under Equity type and click view register. Find the opening balance entry and make the change as necessary.