Banking & Currency

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I opened a bank account so I can transfer my sales/payroll taxes to it to hold until quarterly payment. Once I did this, I noticed in my COA QBO placed that same amount into "Opening balance Equity". I am new at this. Can someone explain to me if this is OK? Or is this being counted as income? Thank you!

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I linked my account, but feel it will be too confusing. I want to unlink it.

I need 2 seperate cash flow reports etc.

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Non Profit Society: The members raise money through various fundraising. We have in the bank account $10,000. However, $7,000 of that money belongs to the member’s, not to our society. I’m not sure how to show the member’s portion. Can you show me how to set up a “payable to member’s” in Quickbooks so that members understand that not all the $10,000 belongs to them but only $7,000?

Also, I connected my CIBC account, however the transactions are not reflecting on QBO. How can I troubleshoot this?

Let's say I received USD 100 from a client. The bank deposits USD90 deducting USD10 as Bank Fees. I match it as a split. However under reconciliation there are 2 transactions, one which I matched and another as USD100 as A/c Receivable. The one I matched with bank statement is selected but the other one is not. Even though the reconciliation is reconciled, the A/C receivable shows USD100. This is messing up the Tax and other financial reports. Alsi, please include email address of the expert so I can communicate with him/her as the reply is from do-not-reply email. It is waste of my time as I have to repeat the question again in a new email.

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I started using this QB online in 2019 but did not continue. I need to start again as of April 30 2020

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Hi,I have desktop pro 2017, I used to import my monthly bank transactions to quickbooks do my book keeping, now its not allowing me, I downloaded the updates but still not allowing me to do so, what should I do?

Hi - We receive hundreds of membership deposits each month, from members across the country.  Our member payment database does not sync with QuickBooks.  We receive a monthly report showing these payments with a breakdown of taxes vs membership amounts.  We'd like to reconcile all membership payments to one journal entry that we would perform at the end of each month.  This would save us a ton of time, rather than entering hundreds of deposits. To do this, I'm thinking that in the bank reconciliation we would exclude all of the member payments.  Then, using our monthly report, we would create a JE breaking out the taxes and membership amounts for the month (these would total the sum of all member payments).  Then, we'd go into our bank account GL, find the JE, and mark it as Cleared (C).   

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We keep a $500 balance in our physical petty cash box and I want to make sure that balance is the same in the petty cash account in QBO, however, when I post all the expenses for the week, it draws the balance down and I don't know how to show the deposit back into the QBO petty cash account when it's not coming from cash that's already shown in QBO.

QBO is still mostly new to me, so I want to make sure that I'm not doing anything that might affect the database. I am only dealing with entries that are already in the system, nothing new is being added but since I am getting a warning that my changes may impact any of the following reconciliations that have been done. I don't want to proceed unless I know my work here won't actually cause any modifications to that work.

I connected my bank account for trial. It was just for a trial, it isn't the account I want to connect with Quickbooks. How do I disconnect it?

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Hello, I am a new user and just set up my account.  Our company uses a calendar month and year yet our bank statements and credit card statements are not on a calendar date.I am wondering if I can reconcile to the calendar month.?

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Company home currency is CAD. Payment received in USD Bank (therefore no Match button available). How do I add the wire transfer fee to customer's payment in the Bank section? Is there a way to add an adjustment directly to the Payment Received side? Situation:1.) Bank receives funds in USD2.) Recorded payment received in AR/Sales Bank cannot match the 2 transactions together cause of the bank fees.  The only way I can get around this is to:3.) Add entry from Bank to AR -> Selecting the Customer4.) Go into Bank -> Categorized 5.) Selecting the same transaction and editing it (changing the AR amount + adding a bank fee expense line).