quickbooks for mac 2016 change beginning balance

This will fix the beginning balance and reconciliation date. At the start of a new fiscal year, QuickBooks automatically adds the net income from your previous fiscal year report to your current balance sheet.

Thus, it is necessary to reconcile again and mark the corrcted tax payment as cleared.Įnter the last statement ending date (or one day different to preserve the original reconciliation report) and ending balance (but not any service charge or interest), reconcile the account again marking the changed transactions as cleared. If the check was previously cleared, this will change the beginning balance in the reconciliation window. To clear and reconcile them and fix the beginning balance in the reconciliation window (and re set the date if needed), it is necessary to reconcile the account again.įor example, if payroll taxes (or Sales Taxes) were paid with a regular check instead of via the Pay Liabilities window, it is necessary to delete the check and replace it with a Tax Payment. You should never just mark transactions as cleared in the register, since they will still show in the reconciliation window. That means you already have the correct balance.

If a transaction has been voided, deleted and re-entered or otherwise un-reconciled, it will affect the beginning balance in the reconciliation window. QuickBooks records the amounts in Opening Balance Equity, as you start entering the opening balance on a sheet. For example, if you are starting using QuickBooks on February 1, 2016, enter the beginning balance on your February bank statement, then enter this same date in the 'as of' date field.Many times I hear QuickBooks users say the beginning balance in the bank reconciliation window is wrong and they do not know how to fix it. Enter the opening bank balance from your bank statement starting with the beginning of the period you need in QuickBooks. ( NOTE: You must first go to Banking, then Online Banking Setup to start the setup process.) If you wish to link your bank account with your QuickBooks so that the transactions can be downloaded to your QuickBooks instead of manually entering your data, click on Online Settings and follow the instructions to setup this function. (You can enter a description in the Description field to help you differentiate this account as well.) In the 'New Account' window, select Bank for the account type, input your bank name (You can add the ending numbers of your account number to the Bank's name to differentiate if you have many accounts with the same bank or add 'Checking, Savings, MMA etc). Next, click on the Plus sign + at bottom-left of new window. Go to List in the top menu bar, and select Chart of Accounts. How to Setup Bank Account in QuickBooks for Macįollow the steps below to setup your bank accounts in QuickBooks Mac version:

How to Setup Bank Account in QuickBooks Online.

How to Setup Bank Account in QuickBooks Windows (Pro, Premier, Enterprise).

Quickbooks for mac 2016 change beginning balance