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Danny56
January 6, 2021
Question

How do I create a negative opening balance for my opening balance equity%3F

  • January 6, 2021
  • 1 reply
  • 0 views

I have reconciled out of order. I am now working on the correct year, but my beginning balance from my bank statement is negative. I've attempted to change the date and my opening balance, but online I can't figure out how to save it as negative. HELP.

1 reply

J
JonpriL
January 6, 2021

Hello @Danny56,

 

Let me help share information about how you can fix the opening balance of your account so you can proceed with the reconciliation.

 

To start with, a negative opening balance can only be saved when you create a new account. With this, you have to review your transaction for the last reconciliation to fix the opening balance of your account for the next reconciliation.

 

This is to make sure your QuickBooks account balance is negative in relation to what is stated with your bank statement. Learn more about your opening balance with this article: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

Additionally, I've also included this reference for a compilation of articles you can use while working with us: Learn the reconcile workflow in QuickBooks.

 

If there's anything else that I can help you with, please let me know in the comments below. I'll be here to lend a hand.

D
Danny56Author
January 7, 2021

I can't create a new account. I've reconciled 2018, but now need to go back and reconcile 2016 and 2017. The last year I reconciled before we switched to online was 2015. The beginning balance for January 2016 is a negative amount. The amount matches my reconciled amount from 2015. But since I can't transfer from original Quickbooks to online, I am stuck. What do I do?

D
Danny56Author
January 7, 2021

It should be as simple as changing my opening balance, but since the opening balance for 2015 is a NEGATIVE balance, QB online won't let me apply it. The error says that my opening balance must be at least $0.

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