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MarkaBE
March 30, 2023
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Credit card balance in Opening Balance Equity

  • March 30, 2023
  • 1 reply
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I linked my clients credit card in QBO. When I did the financial reports for the first quarter, there is a balance in OBE, how do I remove this amount?

Best answer by JamesAndrewM

Happy to connect with you, @MarkaBE. Thanks for joining us here in the Community. I'd gladly share information that could help with your Credit card balance in Opening Balance Equity.

 

You'll want to go to your bank register and check for the possible causes of why an opening balance appears. You may follow these steps:

 

  1. Go to the Accounting tab and select Chart of Accounts.
  2. Navigate and choose to view the specific register.
  3. At the upper left corner, click and filter the Date in ascending order to see if the issue's coming from there.

 

If an opening balance shows, you'll want to delete it to fix the issue since there's already a created balance. However, please be reminded that once the account is reconciled, if you delete the OBE, it may affect the reconciliation.

 

 

For additional insights, refer to this article: Fix issues the first time you reconcile an account in QuickBooks Online.

 

I recommend consulting with your accountant to make sure your records are accurate.

 

I've attached some useful articles to help you manage your bank transactions in QuickBooks:

 

 

For additional QuickBooks-related concerns, don't hesitate to post them here in the Community. We're always available and willing to lend a hand to your queries. Have a great day ahead.

1 reply

J
JamesAndrewMAnswer
March 30, 2023

Happy to connect with you, @MarkaBE. Thanks for joining us here in the Community. I'd gladly share information that could help with your Credit card balance in Opening Balance Equity.

 

You'll want to go to your bank register and check for the possible causes of why an opening balance appears. You may follow these steps:

 

  1. Go to the Accounting tab and select Chart of Accounts.
  2. Navigate and choose to view the specific register.
  3. At the upper left corner, click and filter the Date in ascending order to see if the issue's coming from there.

 

If an opening balance shows, you'll want to delete it to fix the issue since there's already a created balance. However, please be reminded that once the account is reconciled, if you delete the OBE, it may affect the reconciliation.

 

 

For additional insights, refer to this article: Fix issues the first time you reconcile an account in QuickBooks Online.

 

I recommend consulting with your accountant to make sure your records are accurate.

 

I've attached some useful articles to help you manage your bank transactions in QuickBooks:

 

 

For additional QuickBooks-related concerns, don't hesitate to post them here in the Community. We're always available and willing to lend a hand to your queries. Have a great day ahead.

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