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Scottybeth1
January 9, 2019
Question

How do I edit the beginning balance for my credit card account? It is incorrect and I need to correct it before I reconcile the account.

  • January 9, 2019
  • 3 replies
  • 0 views
Original commenter did not share additional details

3 replies

KristyS
KristyS
January 9, 2019

Let's correct your opening balance in QuickBooks, Scottybeth.

Here's how you can change or update the opening balance for an account.

  1. Select the Gear icon on the Toolbar.
  2. Under Your Company, select Chart of Accounts.
  3. Locate the account.
  4. From the Action column drop-down menu, select Run Report.
  5. From the Report period drop-down list, select All Dates.
  6. Select Run report.
  7. Select the earliest deposit posted that is noted as Opening Balance in Memo/Description field to open the Bank Deposit window.
  8. Enter the new opening balance date in the Date field.
  9. In the Add funds to this deposit section, enter the new opening balance in the Amount column for the Opening Balance Equity entry.
  10. Select Save and Close.
Afterwards, you can check this article to know more on how to reconcile in QuickBooks Online: https://quickbooks.intuit.com/community/Banking-and-bank-feeds/How-to-reconcile-accounts/m-p/186470.

Please know that I'm only a post away if you have any questions about QuickBooks.

    P
    PH6
    March 2, 2019

    I posted an entry to get the outstanding balance in an account for a LOC.  I created the account in my Chart of Accounts.  When I posted the GL entry I posted 10,000 as a Credit to the LOC and 10,000 off setting entry to an Uncategorized Expense account.  Is this correct. 

    V
    VK66
    May 1, 2019

    If you pay you company credit card off every month  Shouldn't your beginning balance be $0?

    R
    RCV
    May 1, 2019

    Hi there, VK66.

     

    The opening balance on your credit card statement is the total amount of all the recorded bank transactions at the beginning of the statement period. If you have an outstanding balance and there's no payment applied, then the beginning balance is not equal to zero.

     

    However, the beginning balance is zero once you reconcile your Credit Card (CC) statement every month including the last month's payment from your CC account.

     

    If QuickBooks Online beginning balance doesn't match your CC statement, you can follow the steps in this article to fix the discrepancy: Fix an opening balance to match a bank statement.

     

    For more details about beginning balance discrepancies, you can check out this article for your guidelines: Beginning balance discrepancies.

     

    Feel free to reply to this post if you have additional questions. I'll be here to help.

    P
    PatCarol
    March 1, 2020

    I have never reconciled this card and somehow I have incorrect beginning  balance.  This card is used for 2 purposes.  Can't find the error.  Thank you. 

    katherinejoyceO
    katherinejoyceO
    March 2, 2020

    Thanks for joining this conversation, @PatCarol. It would be ideal if you have the correct beginning balance before reconciling to avoid discrepancies. 

     

    Follow these steps below to update the opening balance: 

     

    1. In the Accounting tab, select Chart of Accounts. 
    2. Search your credit card account. 
    3. Click View registers in the Action column. 
    4. Locate the earliest deposit posted noted as Opening Balance. 
    5. Click to open the transaction, then select Edit. 
    6. In the Bank Deposit window, update the amount of the Opening Balance according to your bank statement. 
    7. Click Save when done. 

     

    For future reference, read through this article: Reconcile an account in QuickBooks Online. It guides you with the proper way of matching your bank or credit card statement to balance with QuickBooks. 

     

    Let me know if you have additional questions. We're always delighted to help you more. 

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