QB Issue Resolution:
We’ll need to create a journal entry in order for us to fix your opening equity account balance. Let me show you how:
- Click the Plus (+) icon, then select Journal Entry.
- Enter the Journal date.
- On the first line, specify the Account to enter the opening balance for.
- Enter the opening balance amount in either the Debit or Credit column, depending on the account type.
- For assets and expense accounts, enter the opening balance amount in the Debit column
- For liabilities, equity, and income accounts, enter the opening balance amount in the Credit column
- In the Name field, specify one of the following, depending on your entry in the Account column:
- Specify a Customer name if you selected Accounts Receivable/Debtors
- Specify a Vendor name if you selected Accounts Payable/Creditors
- On the next line, select the Opening Balance Equity account in the Account column
- Enter the opening balance amount in either the Debit or Credit column, making sure that you enter it in the opposite column than the one you used on the first line.
- Example: If you entered the amount on the first line in the Debit column, you must enter this amount in the Credit column.
- Select Save.
If the opening balance for one of your accounts is wrong, you have the option to edit it. Take a look at this article: Edit an incorrect opening balance.
Resolution for Issue 'How do I fix opening equity account balance that duplicates my equity in a fixed asset?' available: Yes (Solved).
Source: Intuit Community forum.
How do I fix opening equity account balance that duplicates my equity in a fixed asset?: 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 account balance
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