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AQCReno
October 18, 2021
Question

Added a new bank account

  • October 18, 2021
  • 1 reply
  • 0 views
I opened a bank account so I can transfer my sales/payroll taxes to it to hold until quarterly payment. Once I did this, I noticed in my COA QBO placed that same amount into "Opening balance Equity". I am new at this. Can someone explain to me if this is OK? Or is this being counted as income? Thank you!

1 reply

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Nick K
October 19, 2021

Hi AQCReno. 

 

Having your chart of accounts set up correctly so you can track your information without issue is a key part of bookkeeping. I'd be happy to help point you in the right direction for this.

 

Before making changes to your Chart of accounts and which account information is tracked it's recommended to reach out to your accountant to make sure it doesn't have a negative impact on your books. If you don't have an accountant no worries. You can find one in your area by going to My Accountant>Find a pro to help. 

 

If you have any questions let us know and we'd be happy to help.

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