QB Issue Resolution:
How do I enter a beginning balance for an account after it has been set up?
Answer ID: 1093
You can input the opening balance for any account with a journal entry. When QuickBooks Online (QBO) asks you for the opening balance, it creates a journal entry.
For Assets and Expenses, QBO debits your new account and credits Opening Balance Equity.
For Liabilities, Equity, and Income accounts QBO credits the account and debits Opening Balance Equity.
What is opening balance equity? Please see our related KnowledgeBase article1192: What is opening balance equity?
In addition, for accounts with a register, QBO marks the transaction as reconciled.
Creating the opening balance Journal Entry:
Choose Create (+) > Journal Entry
Select the Date at the top left to match what date you’d like the opening balance to match.
On the first line:
From the Account column, choose the account you’d like to give an opening balance.
Depending on the account type, enter the opening balance amount in either the Debit or Credit column.
The Memo, Location and Class are optional. You actually may not see Location or Class unless you have those preferences turned on.
If you selected Accounts Receivable in the Account column, you will also need to select a Customer Name in the Name field.
If you selected Accounts Payable in the Account column, you will need to select a Vendor Name in the Name field.
On the next line:
From the Account column, choose the Opening Balance Equity account.
Enter the opening balance amount in either the Debit or Credit column. Select the opposite column than marked on the first line. In other words, if you used Debit above, place the amount under Credit.
If you are working with an account that has a register, such as your bank or credit card account, go to the register and mark this transaction as reconciled.
Choose Transactions >Banking.
Select the appropriate account and click Go to Register.
Select the appropriate account, and then click Register or Go to Register.
Click the Opening Balance transaction so it is highlighted.
Click the column labeled with an check mark. Click the empty box and it should go to C (meaning cleared) and click again until you have the letter R in that column, indicating the transaction has been reconciled.
Save the transaction.
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Answer ID 1093
Products QuickBooks Online Simple Start (H)
QuickBooks Online Essentials (H)
QuickBooks Online Plus (H)
Categories Using This Product
Date Created 11/13/2006 12:30 PM
Date Updated 04/04/2015 04:18 PM
Allow Crawling? Yes
Resolution for Issue 'How do I enter a beginning balance for an account after it has been set up?' available: Yes (Solved).
Source: Intuit Community forum.
How do I enter a beginning balance for an account after it has been set up?: 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 Balance
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