Why does my opening balance on my bank acc in my trial balance change when I post my unrepresented cheques into the bank account?

I have little accounting knowledge.

I have been using a manual system and am now going onto Premier Desktop. I have put in my opening balances of most of my accounts. The bank account balance is according to the bank statement. I was then told to load the un-presented cheques and this changes my bank account balance. Why does this happen? My boss wants me to journal the difference out to the Opening Balance account I created when I started the chart of accounts. Is this the correct way to deal with this? I have already reconciled the first month bank account and don't want to fix 1 problem and create another? 

I still need to load all the debtors and creditors opening balances, but due to time constrains have had to process transactions into the various accounts before the opening balances have been entered.   

I understand that once I have loaded all the debtors and creditors balances, my Opening Balance account should have a 0 balance. Is this correct? If not how will I know what it should be?

Thanks, I'm rather confused

Answer

Hi there, jax.

The opening balance in QuickBooks Desktop may not always match the bank balance. This happens when you record transactions (like unpresented cheques) that are not yet posted to the bank.

Whether the check clears the bank or not, the company's Cash account balance is correct. The Cash account balance will be presented on the balance sheet without any adjustment for unpresented cheques.

On the other hand, there are a few things you need to consider before recording all the debtors and creditors opening balances. You can check out this article for your guidance: https://quickbooks.intuit.com/community/Reports-and-accounting/Record-opening-balance/m-p/203403. Then, go to Customers and vendors (A/R and A/P) section under the Enter opening balance topic.

Feel free to reply on this post if you have more questions. Thanks!

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IntuitRC , Community Support Specialist
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