QB Issue Resolution:
If you entered an incorrect opening balance or did not enter an opening balance, you can do one of the following:
If you entered the wrong opening balance, you can either find that entry in the register to edit it, or run an Account QuickReport.
Go to the “Gear” icon and click Chart of Accounts.
Highlight the account name.
Change Transaction Date to All Dates. Click Run Report.
Find the Deposit posted at the earliest date with a Memo/Description of Opening Balance.
Click on the entry to open it. This will take you to the Bank Deposit.
Change the dollar amount and/or date.
If you did not enter any opening balance, you have several options:
Make a deposit
Make a journal entry
Create a new account and merge
Perhaps the simplest solution is to create a new bank account with the correct opening balance and start date, and then merge the old bank account into the new bank account. It is critical that the existing bank account be merged into the new bank account. For instructions on how to do this, please see KB 6181, How do I merge two accounts?
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When you connect QuickBooks Online with your bank account for the first time using Add Account you will be allowed to download transactions going back 90 days. This process will pull over all the transactions from the bank’s web site during that time period and enter an Opening Balance on your bank account which will also affect Opening Balance Equity. For more information on Opening Balance Equity, please see our KnowledgeBase article KB 1192, What is opening balance equity?
This Opening Balance is the first entry on the bank register and by default it is marked Reconciled. If you are going to enter historical transactions either by manual entry or by using WebConnect so your bank register entries go back farther than 90 days you will need to delete the Opening Balance Entry created by QuickBooks Online Banking Admin and enter the opening balance for the date you are starting your historical transactions using the method described above and then move forward with your data entry.
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Answer ID 6283
Products QuickBooks Online Simple Start (H)
QuickBooks Online Essentials (H)
QuickBooks Online Plus (H)
Categories Using This Product
Date Created 04/30/2014 05:30 AM
Date Updated 03/23/2015 06:47 PM
Allow Crawling? Yes
Resolution for Issue 'How do I change an account opening balance on a bank account?' available: Yes (Solved).
Source: Intuit Community forum.
How do I change an account opening balance on a bank 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.Support for opening balance
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