Categories
Bank Register Chart of Accounts Reconcile

Entered opening balance is wrong. How to fix it.

Categories
Bank Register Banking

How can I manually download transactions from my bank? How do I get more than 90 days of bank transactions? Should I use Web-Connect?

How to get more than 90 days of bank transactions?

You’ll start by signing in to your bank’s website and downloading a valid webconnect file.

Valid webconnect files:

  • .qbo (QuickBooks),
  • .qfx (Quicken) and
  • .ofx (MS Money)

Then SAVE it to your computer in a location that you can find.

Now go to QuickBooks Online:

  1. Go to Transactions>Banking
  2. Once you are on the Downloaded Transaction screen, click on File Upload at the top right.
  3. Next, you’ll start the Web Connect mini-interview.
  4. Click Browse and select your Web Connect file from your computer.
  5. Click Next.
  6. In the drop-down menu, select the account where you’d like to upload the transactions.
  7. Click Save and Finish.

NOTE: If you attempt to upload a file of the wrong format, a message will appear stating: The uploaded file isn’t a valid Web-Connect file.

ALSO REMEMBER: if the transactions precede the opening balance that was entered into QuickBooks Online, the opening balance will change.

Check out KB 2370 for help on troubleshooting web-connect errors.

 

 
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Categories
Bank Register Chart of Accounts

My opening balance is incorrect? How do I edit it in new QuickBooks Online?

If the opening balance in one of your Balance Sheet accounts is wrong, you can open the register of that account and correct it from the Chart of Accounts.

From the home page screen:

  1. Go the Company Gear icon (upper right corner) and click Chart of Accounts under Settings.
  2. Highlight the name of the account, then click Register button.
  3. Go to the top of the register, locate to the Opening Balance entry and edit the amount.
  4. Click SAVE. The change will not be saved if you navigate away from the register without saving.

Note:  This Balance Sheet account must be one that you entered an opening balance for when you created it, not continuation of opening balance from prior years.