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dogooderinneed
June 9, 2024
Question

Opening Balance Issue

  • June 9, 2024
  • 1 reply
  • 0 views

We switched our credit card service to a manual sync (from an archaic hand-entry process) and as a result needed to sync the transactions into a new account. I created the new account, but errantly entered the opening balance as zero, when it should have been the remaining balance from the original credit card account. I've tried to reason my way through this, but I have a history of getting turned around when doing journal entries and don't want to make a mess of things. Can anyone offer some suggestions on how to move forward?

1 reply

J
JamesAndrewM
June 9, 2024

I'm here to help you correct the zero opening balance in your account in QuickBooks Desktop.

 

To correct a zero balance, you have to create a journal entry using the accurate date and the desired amount from the Begin Reconciliation window. Here are the steps:

 

  1. Go to Company, and then pick Make General Journal Entries.
  2. Change the date to the correct statement date of your beginning balance.
  3. Select the account you want from the Account drop-down.
  4. Enter the correct opening balance in the Debit column.
  5. Choose Opening Balance Equity and then click Save.

 

You can refer to this article for the details of the entire process: Fix beginning balance issues in QuickBooks Desktop. Also, I recommend consulting your accountant to guide you through the process and to keep your accounts in shape.

 

I'm adding this article that you can use if you need help with the reconciliation process: Learn the reconcile workflow in QuickBooks.

 

If you have more questions about your opening balance, don't hesitate to post them here in the forum. I'd be sure to answer them at any time possible. Best regards!

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