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S
SA25
April 13, 2021
Question

Opening Balance Equity deposit is also a sale - how do I record this in my Sales / Income account and keep open balance?

  • April 13, 2021
  • 1 reply
  • 0 views

Using QB online: Just setting things up, and had to import one bank account from csv. The opening deposit in this account was a sale.  I initially recorded this in my COA in an Income acct type in an account that I named "Sales" but had trouble with the opening balance. I moved this deposit to the Equity account type, sub-type "Opening Balance Equity" account. Now this isn't included in my income. 

I have reconciled on top of this opening balance equity, all is balanced. Is there a way to record this as income and maintain the opening balance, so I can have an accurate P&L?

Thanks!

1 reply

J
Jyaeger
April 13, 2021

Quickbooks will create an Opening Balance Equity deposit for the balance in the account when you start the download.  You should delete this transaction or enter 0 for your opening balance then record the sale and corresponding deposit.  

S
SA25Author
April 13, 2021

Thanks, Jy..

 

I tried a work-around - I added a sales receipt in A/R and received the full amount, now it is included in my sales totals without messing up the beginning balance. 

I do remember QB creating an opening balance (OB) automatically as you mention, and I think I did what you suggested, but then I had to re-add the equity (for some reason I can't quite remember). 

All of the rest of my sales are just categorized into the sales account and labeled as deposits, this seems to work just fine. It's that one tricky all-important OB entry that was a bit confusing. 

Thanks for your reply!

SA25

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