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November 26, 2022
Question

Hi i did not add an opening cash in hand balance when opening quickbooks for the first time, i have imported from bank and now short of opening balance so have a mismatch

  • November 26, 2022
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1 reply

November 26, 2022

I know exactly what to do, @mark-mobilemarti. Let me guide you through so you'll get the account balances in order.

 

The system automatically generates an opening balance when you link your bank account to QuickBooks Online. The amount will be based on your real-life bank account balance. As a result, QuickBooks will show an incorrect balance.

 

Don't worry at all! You can make changes to the balance by going to the Chart of Accounts. From there, you can either edit or delete the entry completely. Here's how you can do it:

 

  1. Click on the Gear or Settings icon.
  2. Go to the Chart of Accounts under Your Company.
  3. Find the account you're working the balance on, then hit Account history from the Action column.
  4. Locate the opening balance. (Normally it is in the bottom part of the COA.)
  5. Click on the entry and make the necessary changes to it. 

 

Feel free to also browse these articles for more information about handling opening balance in QBO.

 

 

You can always get back to us by replying to the thread. We're available 24/7 to answer your queries regarding this topic or QuickBooks in general. Take the best care!