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NameUser
November 20, 2022
Question

How do I enter an opening balance on an existing bank account -- QB desktop

  • November 20, 2022
  • 3 replies
  • 157 views

Hi,

 

Started a completely new QB desktop comany months ago.  At the time I didn't have a current statement.  I set-up the bank account w/out the opening balance. Multilple tranasactions have been entered. How do I enter the correct opening balance now?

 

If I just do I deposit, which account should I credit?

 

Thank you!

3 replies

TirzahC
Level 4
November 20, 2022

You've come to the right place, NameUser. Let me share with you the steps on how to enter an opening balance on an existing bank account.

 

When we're new to QuickBooks Desktop, we pick a day to start tracking our transactions. We enter our real-life bank accounts balances for the day we pick. This way, QuickBooks matches our bank records from the start.

 

  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 also highly suggest consulting your accountant or accounting professional for guidance on which account receives the debit and credit side of the transaction to ensure your books are accurate for your business.

 

That should help you enter your beginning/opening balance. You can visit this article for more information: Enter opening balances for accounts in QuickBooks Desktop. 

 

Just in case you need it, you may also check out this article for future reference: Fix beginning balance issues in QuickBooks Desktop.


For complete instructions on how to reconcile an account in QBDT, feel free to check out this article: Reconcile an account in QuickBooks Desktop.

 

I'd like to know how you get on after trying the steps, as I want to ensure this is resolved for you. Feel free to message me back. Have a great day!

NameUserAuthor
November 20, 2022

Thanks very much for your response!  I tried this, and entering the opening balance isn't an option.  When I click on "Change Opening Balance" it takes me to the register.  What do I do when I get to the register? 

 

Thank you.

ReymondOModerator
Moderator
November 20, 2022

Good day, @NameUser.

 

Let me jump into this conversation and help you enter an opening balance for the account you've already created.

 

If you forgot to enter an opening balance when you created an account, don't worry. You can go back later and create a journal entry to record it. Then you can get back to business as usual.


Here's how:
 

  1. Go to the Company menu and select Make General Journal Entries.
  2. On the first row of the Account column, select the dropdown menu to choose the account you want to enter the opening balance for.
  3. Add a note in the Description field so you know what the journal entry is for.
  4. On the second row of the Account column, select the dropdown and choose Opening Balance Equity.
  5. Use your bank statements to enter the balance of your real-life account on the date you picked as the opening balance.
  6. For asset accounts such as savings and checking, enter the opening balance in the Debit column on the first row. Then, enter the same amount in the Credit column on the second row.
  7. Make sure your debits equal your credits when you’re done. Click Save or Save & Close when you're done.

 

When you're done, you can reconcile the account to correct the beginning balance. 

 

  1. Go to Banking, and then select Reconcile.
  2. Choose the account you want from the Account drop-down list.
  3. Enter the statement date and ending balance that matches your Journal Entry.
  4. Click Continue.
  5. In Deposits and Other Credits, select the Journal Entry. Note: The amount shown for the Difference should now be zero.
  6. Select Reconcile Now.

 

For additional info, you can check out this article: How to fix beginning balance issues in QuickBooks.

 

You also want to read and learn more about how to reconcile an account in QuickBooks Desktop. It includes steps to guide you on matching your actual bank and credit card statements with your transactions in QuickBooks. 

 

Let me know in the comment below if you have more questions. We're always delighted to help you more. 

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