I have imported the bank statement lines into Quickbooks, reconciled them and the Bank balance still says £0.00 why is this?
Surely the bank balance should state the actual bank balance and you reconcile the quickbooks total to match the bank balance?
Replies (4)
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It only takes the transactions, so it starts from zero, whatever the real balance was.
You'll need to journal in an opening TB.
Lion would be right if it was the QBO balance at nil, but in this case the little graphic you have posted shows the 'actual' bank balance as £0.
I have found QBO to sometimes not update itself momentarily - click back into Home then back into Bank, or log out and back in again and it should update itself with the correct 'actual' bank balance from the feed. Or check the bank connection again.
It's funny I've never found a Simplex D book to do this ;-)
Yeah something wrong with the feed then. Should definitely have a Bank balance as well as a QBO balance.