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credit card beginning balance

Forum|Forum|4 years ago
August 15, 2021
1 reply
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Recently purchased Quickbooks Desktop Accounting. Reconciling credit cards. How do I first enter the beginning balance? The amount I am off is my beginning balance which I could not input in the chart of accounts....only an ending balance.

Is there a journal entry I am to do for this beginning balance.

thanks

QuickBooks Desktop

Best answer by KlentB

Thanks for choosing QuickBooks Desktop, rwcjr.

I'm here to help you in entering the opening balance.

You can go to the Company menu to create a journal entry for the opening balance. Take note that you may need to consult your accountant in doing this if you're not familiar with accounting. When you're ready, here's how to do it:

Select Company from the top menu bar.
Choose Make General Journal Entries.
Set the date for the journal entry. It should be the date you pick for the opening balance.
From the Account drop-down menu, choose the account you're entering the opening balance for.
Enter the balance for your real-life accounts for the day you picked. Depending on the type of account:
On the next line, click the Account drop-down menu and then select the Opening Balance Equity account.
Enter the same opening balance amount in the opposite column as the first line.
When you're done, select Save & Close.

I also recommend checking our Reconciliation Workflow Guide to help keep your banks accounts balanced and up-to-date.

Let me know in the comment section if you have any other concerns or further questions about reconciliation. Have a pleasant day ahead.

KlentBAnswer

Thanks for choosing QuickBooks Desktop, rwcjr.

I'm here to help you in entering the opening balance.

You can go to the Company menu to create a journal entry for the opening balance. Take note that you may need to consult your accountant in doing this if you're not familiar with accounting. When you're ready, here's how to do it:

Select Company from the top menu bar.
Choose Make General Journal Entries.
Set the date for the journal entry. It should be the date you pick for the opening balance.
From the Account drop-down menu, choose the account you're entering the opening balance for.
Enter the balance for your real-life accounts for the day you picked. Depending on the type of account:
On the next line, click the Account drop-down menu and then select the Opening Balance Equity account.
Enter the same opening balance amount in the opposite column as the first line.
When you're done, select Save & Close.

I also recommend checking our Reconciliation Workflow Guide to help keep your banks accounts balanced and up-to-date.

Let me know in the comment section if you have any other concerns or further questions about reconciliation. Have a pleasant day ahead.

KlentB

Hi rwcjr,

Hope you’re doing great. I wanted to see how everything is going about your concern. Were you able to enter the opening balance? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at anytime.

Looking forward to your reply. Have a pleasant day ahead!

R

rwcjrAuthor

I did get it to balance. Thank you, bob

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