Let me share details about handling the Opening Balance Equity account in QuickBooks Online (QBO), @Janet1981. This way, you'll be able to determine the best thing to do about it in keeping your account updated.
Once Opening Balance Equity is deleted after connecting your credit card and BofA accounts, QBO won't create another entry for it. This may be because you've entered a deposit transaction and at the same time unknowingly added one when creating the account. To check this, let's visit the Audit Log page. This way, you'll be able to verify all the transactions and keep track of your activities. Here's how:
- Go to the Gear icon.
- Select the Audit log.
- From the Filter drop-down menu, select the appropriate user, date, and event(s).
- Click Apply.
- Check all activities, then select the View hyperlink to take a closer look.
In case you've found out either you've entered a deposit transaction or added the opening balance entry when creating the account, you'll have to go back to the register and perform the deletion process again. This time, I assure you that the Opening Balance Equity account will be removed.
Additionally, every time you QuickBooks downloads your credit card and BofA transactions, all you have to do is categorize them. For the detailed steps, you can refer to this article: Categorize and match online bank transactions in QuickBooks Online.
After that, I'd recommend reconciling your account every month. This is to detect errors and monitor the growth of your business. For the step-by-step guide, kindly check out this article's QuickBooks Online section: Reconcile an account in QuickBooks. It also contains instructions about fixing a reconciliation and editing completed one.
Please let me know if you have other concerns. I'm just around to help. Take care always.
