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M
mom13
January 30, 2020
Question

beginning bank balance

  • January 30, 2020
  • 1 reply
  • 0 views

I am attempting to use QuickBooks again after a failed attempt a couple years ago. Apparently, when I installed the program, it still has a bank balance from when I last left off. At least that's what I'm guessing. I would like to change the beginning balance to my ending balance from Dec 2019 statement. How do I best remedy this? The balance is less... I would like to just have a fresh start. TIA for any advice!

1 reply

M
MaryGraceSModerator
Moderator
January 30, 2020

Hi there, mom13. 

 

The Beginning Balance is the net of all previously cleared transactions. Any changes, deleted, or added transactions can affect the balance. That doesn't make the Bank account wrong; it affected Cleared Status. With that being said, you can edit the amount to correct the beginning balance and to have a fresh start.

 

Here's how: 

 

  1. Go to List menu at the top, then pick Chart of Accounts on the drop-down.
  2. Right-click the bank account, then choose Edit Account.
  3. Select the Enter Opening Balance button, then enter the Ending Balance and Ending Date from the last bank statement you received before your QuickBooks Start Date.
  4. Click OK, then Save & Close.

I've also attached some articles you can use to help you get familiar with QuickBooks, as well as how to connect your financial institution to download transactions and reconcile account: 

Feel free to come back to the Community if there's anything else I can do for you. I'll be glad to help. Have a great day ahead.

A
ARich77
February 7, 2020

I do not have an 'Enter beginning balance' button when I try and edit the account.  Please advise!

Michael K
Michael K
Level 4
February 7, 2020

Hey there, @ARich77. Glad to help out here.

 

If the account already has a beginning balance transaction, you'll have a button that says, Change Opening Balance instead. That will bring up the register and go to the existing Opening Balance transaction for you to make edits.

 

For more information on opening balances, check out: Enter opening balances for accounts in QuickBooks Desktop

 

Please touch base with us here if there's anything else you need, I'm determined to ensure your success. Have a great weekend!

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