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March 3, 2024
Question

How to enter the opening balance of a credit card into QB?

  • March 3, 2024
  • 1 reply
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1 reply

March 3, 2024

I can guide you through the steps in entering your opening balance in QuickBooks Online, dr-lmkaczor.

 

If you link your bank and credit card accounts to QuickBooks, the software will automatically download your past transactions up to a specific date. It will then calculate the total and record the opening balance and date on your behalf. However, if you choose not to link your account, you can manually input the opening balance. Here's how:

 

  1. Ensure you know the amount you need to enter.
  2. Go to Settings and select Chart of accounts.
  3. Open your existing credit card account or create a new one.
  4. In the open balances section, pick the date you want to start tracking your finances. 
  5. Then, in the Starting date and opening balance dropdown, select a date and enter the account balance for that date. 
  6. Hit Save.

 

You can check this article for more information: Enter and manage opening balances in QuickBooks Online.

 

If you want to keep your chart of accounts organized, this article provides helpful tips.: Create subaccounts in your chart of accounts in QuickBooks Online.

 

Don't hesitate to get back to this post if you have other concerns about entering your opening balance in QBO. I'm all ears if you have one.