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June 25, 2019
Question

Why there is no opening balance equity account in the accounts when i want to enter the opening amount for my bank account?

  • June 25, 2019
  • 1 reply
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1 reply

June 25, 2019

Hello Sabrina,

 

The Opening Balance Equity account will only appear in your Chart of Accounts once you've created a bank account.

 

If you haven't created any transactions that are associated to the said bank, we can still manually enter the opening balance:

  1. Click Accounting on the left menu.
  2. Go to the Chart of Accounts tab and look for the bank account.
  3. Click the drop-down menu next to Account history and select Edit.
  4. Enter the amount in the Balance field.
  5. Select Save and Close.

You can also create a bank deposit to enter the opening balance. Feel free to view this article for the detailed steps: How to Enter a Beginning Balance for an Existing Account.

 

I'll get back to you if you need more help with this.