Account balance

The opening balance is the starting point of the account, so it's important to get it right from the go, Forugh. I'd be glad to share details and help you enter it in QuickBooks Online.

You can create a journal entry to put in the beginning balance. Here's a quick rundown of how to do it:

1. Click the + New button and select Journal entry.
2. Choose or enter a date that comes before the oldest transaction in the account. This will be the opening balance date.
3. Under the Account column, click the dropdown list and select the account you want to enter the opening balance.
4. You can add a note in the Description field to keep track of what the journal entry is for.
5. On the second row of the Account column, choose Opening Balance Equity.
6. Use your bank statements to enter the balance of your real-life account on the date you picked as the opening balance. You'll need to enter both a debit and a credit to keep things accurate.
7. Enter the debits and credits based on the type of account you entered on the first row. Type in the opening balance in the Debit column on the first row. Then, enter the same amount in the Credit column on the second row.
8. Click Save and close.

These articles provide further details about recording opening balances after the initial setup:

• What To Do If You Didn't Enter An Opening Balance In QuickBooks Online
• Enter And Manage Opening Balances In QuickBooks Online

To help you master bank reconciliation in QuickBooks Online, we recommend bookmarking or saving these articles as well:

• Fix Issues The First Time You Reconcile An Account In QuickBooks Online
• Reconcile Transactions That Are Older Than Your Opening Balance In QuickBooks Online

Please don't hesitate to reach out if you have any further questions about setting up accounts, recording bank transactions, or navigating QuickBooks Online. We're here to support your bookkeeping journey every step of the way.