I'm very new to QB and need some clarification. I've already loused things up and intend to start over. I need to clarify what I should enter for a bank account opening balance. Let me give you a scenario. My fiscal year ends in Jul. I'm starting QB fresh in Aug. I had money in the account in Jul and wrote two checks that did not clear in Jul but did clear in Aug:
Jul 1 Cash on deposit $1,000 (cleared) Jul 30 Check #1 -$500 (not cleared) Jul 31 Check #2 -$250 (not cleared)
Thus, my book of record shows me with $250 at the end of Jul. However, the bank will have $1,000 at that point in time. I want to enter the correct opening balance, from a QB perspective. Since the two checks will clear in Aug, should I enter those two checks (back-dated) - even though I'm starting my books on Aug 1? In that case I should also put an opening balance of $1,000, right? Conversely, should I make my opening balance $250 and then not enter the checks?
Dazed and confused, on something so simple...