How to transfer the GL balances to QBO after i already started using QBO

Hi rosemary-ejiofor,

Welcome to Community!  It's great to hear that you've chosen QuickBooks Online for all of your accounting needs.  If you haven't entered a beginning balance in your Chart of Accounts, don't worry, we've got you covered.  I'd be happy to guide you!

If you create a new account, you can enter the opening balance by following these steps:

1.  From the Gear icon in the top right of your account, select Chart of Accounts

2.  Click on the New tab

3.  Select the Account and Detail type and complete the necessary fields

4.  Enter the Balance and Date

5.  Hit Save and Close

If the accounts have already been created, you'll want to ensure there's no opening balance by going to the Chart of Accounts, find the account and click on Account History.  You should see Opening Balance Equity in the Payee/Account column and Opening Balance would appear under Memo.  If there's an opening balance entry, use your bank statements to ensure it's correct.  If there's no opening balance, make note of the date and amount of the oldest transaction, so you can enter one.  You'll need to create a journal entry. 

Here's how:

1. Select + New

2. Choose Journal entry

3. Enter a date that comes before the oldest transaction. This will be the opening balance date

4. On the first line from the Account dropdown, select the account the opening balance is for

5. Enter a note in the Description field so you know what it's for

6. On the second line from the Account dropdown, choose Opening Balance Equity

7. Use your bank statements to enter the balance of your real-life account for the date you picked as the opening balance

8. Place the debits and credits based on the type of account you entered on the first line

9. Review the information and the hit Save

To prevent the journal entry from showing up on future reconciliations, you'll need to manually mark it as reconciled.

Go to:

1. The Chart of Accounts

2. Locate the account and click on Account history from the Action column

3. Search for the Journal Entry and click on it to expand the view

4. In the box under the checkmark enter an R. This reconciles the journal entry

5. When you're done, select Save

This should balance your accounts and you'll be able to reconcile without complication when the time comes. 

If you have any other questions, please don't hesitate to reach out.  We'd like to help!