Let me join in this conversation and provide you with further assistance, @HRB16.
Once you create a bank account and enter an opening balance, QuickBooks will automatically post it in the Opening Balance Equity. That is the reason why it shows an entry in your account.
If you want to clear your balance, you can create a clearing account and transfer the money on it. This account is also called a Barter or Wash Account that has a balance of $0.00. Also, you won’t have to reconcile this account as this doesn’t hold any funds.
You can seek your accountant's guidance in setting up this account. That way, we can ensure that everything is correct. For more details, check out this article: How to add accounts from your chart of accounts in QuickBooks Desktop.
Once done, create a journal entry to move the amount and zero out your Opening Balance Equity account's balance. Here's how:
- Go to the Company menu and select Make General Journal Entries.
- Fill out the fields to create your journal entry. Make sure your debits equal your credits when you’re done.
- Click Save or Save & Close.
Moreover, you can check out our Year-End Guide for QuickBooks Desktop. This will provide you with some info on what you'll need to do when closing your books and preparing for the new one.
Please know that I'm just a post away should you need anything else or if you have any QuickBooks concerns. I'm always here to help and ensure that your questions are addressed accordingly. Wishing you a wonderful week ahead.
