QB Issue Resolution:

Hello,

To Opening Balance Equity.

Then, you will do a journal entry to close out Opening Balance Equity because it should always be $0.00. You will close to an Equity Account which will depend on the Entity of the business. Most likely closed to Owner’s Equity or Member’s Equity or Retained Earnings, again, depending on the Entity of the business. Entity means Sole Proprietorship, LLC or Corporation.

Laura Kaniuk – LJK Bookkeeping Services

Resolution for Issue 'Balance Sheet accounts for previous year recorded through journal entry and transferred to opening balance equity. Where to transfer income and expenses of previous year.' available: Yes (Solved).
Source: Intuit Community forum.

Balance Sheet accounts for previous year recorded through journal entry and transferred to opening balance equity. Where to transfer income and expenses of previous year.: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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