After a migration from QuickBooks Desktop version to QuickBooks online, the opening bank balance does not tie to the bank statement or to the desktop version balance.

When you move your data from QuickBooks Desktop (QBDT) to QuickBooks Online (QBO), there can be differences in how your books appear, @ross-alexander.

To begin with, QBDT and QBO handle data and reports differently. Accrual basis reports in QBO will generally match those in QBDT, but cash basis reports may not. Terminologies, features, items, lists, preferences, reports, and transactions may also appear differently after migration. This is due to how each platform structures and displays data.

To resolve this issue, I recommend comparing the Profit and Loss report with the Balance Sheet report in both QBO and QBDT. This will help confirm whether your data transferred correctly. Also, review the bank register to identify the source of the discrepancy.

When running your reports, make sure to set the Report Period to All Dates and the Accounting Method to Accrual. Additionally, verify the balances of each of your Accounts Receivable (A/R) and Undeposited Funds accounts. These settings will help ensure that you are viewing all the data in your records accurately.

Once you identify the root cause, you can make necessary adjustments. It is advisable to consult an accountant for personalized guidance tailored to your specific business needs.

If you don't have an accountant, we can assist you in finding one. Please refer to this article for more information: Find an Accountant.

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