QB Issue Resolution:
The debit would be if you had a positive balance in the bank. Credit if you had a negative (overdrawn) balance in the bank.
When you enter opening balances, you generally enter the balance sheet of the y/e file you are starting new in qbo. You do not use opening balance equity fund. It will populate there until you have completed your opening entry. At that time, it should show as zero.
Resolution for Issue 'For creating an opening balance journal entry for my bank account, how do I determine whether I should debit or credit the bank account or opening balance equity? Trying to fix my opening balance for my bank account connected to QBO, I want it to match the statement beginning balance for JAN 1 2017. Instructions I found said to create a journal entry but wasn’t clear if I should debit or credit the bank account, just some vague remark about how it depends on the account type… I have no idea what that means. Also the instructions said that I should be able to view the transaction in my bank register and mark it as reconciled so that when I go to reconcile for the first time the opening balance will be correct.' available: Yes (Solved).
Source: Intuit Community forum.
For creating an opening balance journal entry for my bank account, how do I determine whether I should debit or credit the bank account or opening balance equity? Trying to fix my opening balance for my bank account connected to QBO, I want it to match the statement beginning balance for JAN 1 2017. Instructions I found said to create a journal entry but wasn’t clear if I should debit or credit the bank account, just some vague remark about how it depends on the account type… I have no idea what that means. Also the instructions said that I should be able to view the transaction in my bank register and mark it as reconciled so that when I go to reconcile for the first time the opening balance will be correct.: 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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Error Recovery for opening balance equity [Canada]
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