Discrepancies in closing/opening balance after Wave migration
Hi there,
Completely new to Zoho Books and have been an extremely lazy individual when it comes to bookkeeping and anything finance-related!
I've been using Wave for a couple of years, mostly to invoice and upload statements to understand the business's performance.
As a lazy individual, I never set up a separate business bank account let alone reconciling. All business income, personal expenses, rent, birthday presents for loved ones, nights outs etc.; all came out of the one transaction account.
I perhaps took the wrong approach and I think this is the cause of the issue, I am getting large discrepancies between the bank feed balance and that that's in the data migrated.
When I used to upload my transactions manually into Wave from the bank account, I deleted all personal transactions, draws, and contributions and only included transactions related to my business. This was all done before uploading.
Only after the migration to ZB have I now read up on that those transactions should have been marked as 'Owner's Draw' rather than completely deleted.
I have now gone through each transaction over the last couple of years manually in ZB to find those personal transactions and mark them as 'Owner's Draw'; however, the balance is still off by more than $30k+!
My question is, I should go and find all those transactions that I've marked as 'Owner's Draw' and 'Exclude' them, perhaps similar to my approach in Wave to replicate the data?
I've learnt my lesson and now have set up a separate bank account.
Thanks,
A very remorseful business owner.
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