Skip to main content
S
shaun gonsalves
July 22, 2022
Question

Edit Credit card opening balance in QB Desktop Premier

  • July 22, 2022
  • 1 reply
  • 0 views

Hi Team,

 

At the time of migration from QuickBooks desktop Enterprise to QuickBooks desktop Premier, the credit card opening balance when importing to Chart of Accounts was incorrect. The amount in the chart of accounts should have reflected £279.61 instead of £416.49.  We have identified our mistake and would like to reflect the correct opening balance.

I went to the chart of Accounts and selected the account 'Credit Card' and  edited the amount by putting the correct amount £279.61, by doing so this has an impact to share capital account. My share capital increases by £136.88.

Any suggestions on how can i edit the credit card opening balance without impacting my original P&L, Balance sheet account. If you are telling me i should record under opening equity balance - Just to let you know i do not have this account type.

 

Kind Regards,

Shaun Gonsalves

1 reply

E
EmmaM
July 22, 2022

Hello Chris,  Thanks for reaching out to the Community! What you can do is create an Open Balance Equity account, to do this create an Equity account in the chart of accounts, if you say create a bank with a balance, it will create an Equity account to account for the balance but yeah, with double-entry bookkeeping, if you journal money into one account it's going to affect another.

    S
    shaun gonsalvesAuthor
    July 22, 2022

    Is there a snapshot or a document where i can refer to create a opening balance equity account? So once created, will my balance correct itself? or will the balance be open under open equity account?

    A
    Ashleigh1
    July 22, 2022

    Hi Chris, if you select Company> chart of Accounts> Click Account (bottom left)> click New> Choose Equity> click continue> then give it a name and then click Save and Close. Then you use that to journal the amount 

      Terms & ConditionsAccessibility statement