QB Issue Resolution:

Yes, that’s correct, NumbersHurtMyHead.

 

Before you create an opening balance, make sure you don’t already have one entered. Adding a second opening balance, will count the transactions twice.

 

To locate the transaction, you can follow these steps:

  1. Go to Accounting located on the left panel.
  2. Select Chart of Accounts.
  3. Find the account and select View register from the Action column.
  4. Click the Funnel icon above the Date column.
  5. Type opening balance in the Find box and click Apply. The transaction should have Opening Balance Equity in the Payee/Account column and Opening Balance in the Memo column.

Please see sample screenshot below:

 

If there’s no opening balance recorded in that account, then let’s create a journal entry.

  1. On the left panel, click the + New button.
  2. Under Other, select Journal Entry.
  3. Enter a Journal Date that is before the oldest transaction already in your account.
  4. On the first line, select the account you want to enter the opening balance for.
  5. On the second line, choose the Opening Balance Equity in the Account column.
  6. Enter a note in the Description field, so you know what the journal entry is for.
  7. Click Save or Save and close.

You can check this article for the detailed instructions: What to do if you didn’t enter an opening balance in QuickBooks Online. I’m also adding this sample screenshot.


Once with the steps above, you can start recording the transactions manually

 

You can also check these articles for reference:

Feel free to get back to us at anytime you have additional questions. We’re always around to help you some more. Thanks.

Resolution for Issue 'We bought our business on 6/15 and converted it from a single-member LLC to a multi-member. Prior to that date, the business’ income would have been considered belonging to its single member from a tax perspective due to the pass-through entity treatment. We started using QBO that day and recorded all our income and expenses in it. Our first transaction in the register is dated 6/15. Because our books opened on that date, the proceeds of sales prior to 6/15 do not appear in our records. As a result, our Profit and Loss report shows the business has a negative $6K net income. Is this correct or do we need to go back to January 1 and enter all those previous transactions before we owned the business?' available: Yes (Solved).
Source: Intuit Community forum.

We bought our business on 6/15 and converted it from a single-member LLC to a multi-member. Prior to that date, the business’ income would have been considered belonging to its single member from a tax perspective due to the pass-through entity treatment. We started using QBO that day and recorded all our income and expenses in it. Our first transaction in the register is dated 6/15. Because our books opened on that date, the proceeds of sales prior to 6/15 do not appear in our records. As a result, our Profit and Loss report shows the business has a negative $6K net income. Is this correct or do we need to go back to January 1 and enter all those previous transactions before we owned the business?: 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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