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October 19, 2021
Question

I have a Paypal deposit entry in my paypal balance sheet account but no corresponding deposit in the paypal feed or account. Credit when to "Opening Balance Equity"?

  • October 19, 2021
  • 1 reply
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1 reply

MJoy_D
October 19, 2021

I can share some information about adding opening balance, @mrrobincrouch.

 

Are you trying to enter an opening balance for your PayPal account? If so, you can create a journal entry. 

 

You can enter the Opening Balance Equity in the credit column if its either:

 

  • Liabilityequity, and income accounts
  • Accounts Payable: To increase the balance.
  • Accounts Receivable: If you want to decrease the balance.

 

Here's how to enter a journal entry:

 

  1. Go to the + New and select Journal entry.
  2. Set a date that is before the account's oldest transaction. This is the date of the initial balance.
  3. On the first line from the Account dropdown, select the PayPal account you want to enter the opening balance for.
  4. On the second line from the Account dropdown, select Opening Balance Equity or Retained profit balance forward.
  5. Enter the debits and credits based on the type of account you entered on the first line. 
  6. Click on Save once you're done. 

 

Check this article for more information about creating a journal entry and marking it as reconciled: What to do if you didn't enter an opening balance in QuickBooks Online.

 

In case you're having problems with your opening balance, check this article on how to resolve it: Fix issues the first time you reconcile an account in QuickBooks Online

 

If you still have questions with your opening balance or if you mean something else, let me know by leaving a reply below. Keep safe and have a wonderful day!