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happyvalleyfarmholt
November 28, 2022
Question

OPENING BALANCE

  • November 28, 2022
  • 1 reply
  • 0 views

I am still learning how to make the most of QBs.

 

When we started, we put in a "fake" checking balance.   Now a year later, we opened a different bank account.  I wasn't thinking and never changed the opening balance to move forward.

 

I need to know how to BACKDATE the opening balance so I do not have to re-enter everything from when we opened the new bank account.

 

HELP!!

THANK YO

1 reply

Angelyn_T
Angelyn_T
November 28, 2022

Hi, @happyvalleyfarmholt. I appreciate you for reaching out. I'll help you with correcting your account's opening balance.

 

The system allows you to edit an opening balance to get it corrected. You can go through your Chart of Accounts to do it.

 

  1. Click on Accounting, then Chart of Accounts.
  2. Locate the account, then View register.
  3. Find the opening balance entry. You can sort the date column to show the oldest entries first. 
  4. Select the opening balance entry.
  5. Edit the date, then the amount. If needed, select Edit to make your changes. 
  6. Hit Save. 

 

If you need to add transactions that are older than the opening balance, you need to edit the start date and balance. This sets a new starting point and prevents QuickBooks from counting transactions twice.

 

If you have previous reconciliation, modifying the opening balance may affect your book. You may seek help from your accountant to keep track of your record. They will also provide you with other options on how to correct your opening balance.

 

For additional tips, while managing opening balances in QBO, you may review these links:

 

 

If you have other questions regarding your accounts, please feel free to click the Reply button and add a comment below. I'll be right here to provide additional assistance. Wishing you and your business all the best!

 

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