In setting up my new QuickBooks file, how do I enter the existing bank account balance with outstanding uncleared checks

It really depends upon how they were reported in previous year’s Financial Statement Report. Let’s take examples and assume the ending bank balance per the bank statement is $11,000. There is also one check you wrote for $10,000 has not cleared the bank yet. In your books, the actual bank balance should be $1,000, right? […]

How do I transfer Opening Balance of Balance Sheet Accounts? What would be the other side of accounting entry?

As a general rule, you will use the Equity accounts for one other side entry. What you have are a possible two options. If you are transferring, opening balance from all the Balance Sheet accounts (assets and liabilities), use Opening Balance Equity (under Equity type) account. Opening Balance Equity Account will Net out to zero […]

What to do when beginning balance is way off since last bank reconciliation?

There is no simple and easy answer. There may be couple of reasons why the beginning balance could change. 1) Edited or changed transaction amount after reconciliation 2) Deleted transaction amount after reconciliation 3) Changed the “R” status manually from the bank register In other words, prior months financials were restated after the bank reconciliation. […]