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Intuit

Enter an opening balance for a bank account

Whether you're entering an opening balance for a new account or an existing account, this article will walk you through how to set up your account with an opening balance, as well as how to update an existing account with an opening balance, and reconcile it so your account reflects an accurate balance.

Enter an opening balance at setup

The easiest time to record an opening balance is when you set up the account,

  1. Select the Gear icon on the Toolbar..
  2. Under Your Company, select Chart of Accounts.
  3. Select the New button to open the Account dialog.
  4. Select the Account Type from the drop-down menu.
  5. From the Detail Type drop-down list, choose Checking or Savings (whichever is applicable).
  6. Enter the name of the account or of the bank in the Name field.
  7. Enter the opening Balance of the account as of the date you specify.
  8. Select Save and close.

The account is set up with an opening balance as of the date you defined.

Enter an opening balance for an existing account

When you enter an opening balance for an existing account, you must record the opening balance as a bank deposit and then mark it as reconciled in the register.

The following sections can help guide you through this process.

Record the opening balance as a bank deposit

To create a bank deposit for the account's opening balance:

  1. Select the Plus icon (+) on the Toolbar.
  2. Under Other, select Bank Deposit.
  3. From the Account drop-down menu, select the appropriate bank account.

  4. In the Date field, enter the actual date the money was deposited to your account.
  5. In the Add funds to this deposit section Account column, select Opening Balance Equity.
    Leave the Received From column blank.
  6. In the Amount column, enter the opening balance amount.
  7. (Optional) In the Memo field, note that this deposit is your opening balance.
  8. Select Save and close.

Once you have recorded the amount in a deposit, you must mark that transaction as reconciled.

Mark the opening balance as reconciled

To reconcile the opening balance in the register:

  1. Select the Gear icon on the Toolbar.
  2. Under Your Company, select Chart of Accounts.
  3. Select the bank account to which you deposited the opening balance.
  4. From the Action column, select View register.
  5. Select the Opening Balance entry in the register to open it.
  6. Select the field under the Check mark (✓) column until an R, indicating Reconciled, appears.
  7. Select Save.

The opening balance deposit is marked as reconciled.