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paulflux
March 19, 2020
Question

Hi, I have an opening balance difference, it's due to the opening balance, I can amend the balance but can you advise where to post the other side of the journal please?

  • March 19, 2020
  • 1 reply
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payment after leaving
March 19, 2020

Hi paulfux

 

How has the opening balance been entered, by a deposit or a Journal Entry? Which ever it is you will e able to amend the amount by locating it within the chart of account and edit the amount. 

If you are wanting to enter/create an opening balance create either a Journal Entry or a bank deposit. 

Deposit: New+ > Bank Deposit > In the account field select/enter the bank account > in the date field enter the date of the opening balance from your bank statement > in the 'Add funds to this deposit' section enter/select opening balance equity in the account column > enter the amount in the amount column > save and close

Journal Entry: Select New+ Journal Entry > in the journal date field enter the date of the beginning balance from your bank statement > on line one in the account column select/enter the bank account you are using > in the debits column enter the amount of the opening balance > on line two select/enter opening balance equity > in the credits column enter the same amount as in line one in the debits column > save and close

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paulfluxAuthor
March 19, 2020

Thanks for the quick reply, was trying to use this article https://quickbooks.intuit.com/learn-support/en-uk/banking/fix-beginning-balance-issues-during-your-first-reconciliation-in/01/239095#M41 as it's my first reconciliation

 

Then going into edit Account history for the opening balance as the actual current balance is correct

 

I do not have a Opening Balance Equity, do I need to add?

 

 

P
payment after leaving
March 19, 2020

Hi paulfix

 

As stated in the previous message if you wish to enter a opening balance at a specific date you will either have to enter a Journal Entry or deposit, then within the chart of account locate the journal entry/deposit and then in the click the reconcile column several times, this column has a tick symbol with a square underneath it, until an R appears and then select save. When you do a reconcilition the beginning balance will be the amount you enterd in the journal/deposit

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