QB Issue Resolution:

Not sure why she would create that account, when QB creates the opening balance equity account automatically.

 

Yes that account balance should be moved to owner equity, do that with a journal entry

debit opening equity, and credit owner equity

 

For a company taxed as a sole proprietor (schedule C) or partnership (form 1065), I recommend you have the following for owner/partner equity accounts  (one set for each partner if a partnership)

[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing – you record value you take from the business here
>> Equity Investment – record value you put into the business here

 

Start of the new year after all tax time adjustments are made, you clear the drawing and investment account to equity per owner/partner with journal entries.

debit investment, credit equity

debit equity, credit investment

Resolution for Issue 'Help Understanding an Opening Equity Account' available: Yes (Solved).
Source: Intuit Community forum.

Help Understanding an Opening Equity Account: 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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