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November 13, 2023
Question

Can anyone help me zero beginning balances that have rolled over from the previous year?

  • November 13, 2023
  • 1 reply
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1 reply

November 13, 2023

I'm here to assist you in editing your beginning balances in QuickBooks Online (QBO), @lesley27

 

QBO allows us to manage our beginning balances to keep accurate financial records.

Also, it's important to note that we have to be careful when editing our beginning balances in QBO as it may mess up our books and the previously reconciled data. With that, I recommend reaching out to your accountant to ensure you have accurate books. 

 

To edit our beginning balance, perform the steps: 

 

  1. Go to Settings and choose Chart of accounts.
  2. Locate the account and select View register.
  3. Find the opening balance entry. 
  4. Select the opening balance entry.
  5. Edit the date, then the amount. If needed, select Edit to make your changes. 
  6. Click Save

 

For more information, visit this article: Enter and manage opening balances in QuickBooks Online.

If you're trying to edit an opening balance when reconciling an account in QBO with your bank or credit card statement, read this article: fix an opening balance to match a bank statement. 

 

Additionally, refer to this article to learn how to enter an opening balance after you create an account to track transactions in QBO: What to do if you didn't enter an opening balance in QuickBooks Online.

 

Please let me know if you have more queries about managing your balances in QBO. I'll circle back to help you. Stay safe!