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June 19, 2022
Question

I have been trying to migrate balances from my previous Quickbooks from this one. But I don't know why I am unable to input opening balances for some of my accounts.

  • June 19, 2022
  • 1 reply
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for instance, my undeposited funds account

1 reply

June 19, 2022

Welcome to the QuickBooks Community, lawrence-s-taxmi. I'll be sharing details on how migrating accounts and their balances works in QuickBooks. Then, let me help you perform some steps to ensure you can input opening balances to your accounts.

 

When migrating lists of accounts and all of them are already in the new QuickBooks, you'll always have the option to enter your opening balances for the bank and other accounts. However, if a transaction has already been allocated or the account already has an opening balance, you're unable to input the opening balance from the Chart of accounts.

 

I recommend going to the Account history page to find each opening balance and review or edit them if needed. This way, you'll be able to input the updated opening balance.

 

Here's how:

 

  1. Go to Bookkeeping and select Chart of accounts.
  2. Find the account you want to review. Then, select Account history in the Action column.
  3. Choose the Filter icon. Then select the filters you want to apply. You can use the Find field to search by amount, reference number, or memo.
  4. Click Apply.
  5. Locate the opening balance and click the Edit button. Then, enter the updated opening balance if necessary.
  6. Click Save and close.

 

Lastly, you may refer to this article to view details on how you can reconcile your accounts so they always match your bank and credit card statements to avoid discrepancies: Reconcile an account in QuickBooks Online.

 

Feel free to click the Reply button if you have additional questions or concerns about the opening balance. I’ll be around to answer them for you, awrence-s-taxmi. Have a great day ahead!