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lvloatreasurer
October 22, 2023
Question

No opening balance field in chart of accounts

  • October 22, 2023
  • 1 reply
  • 50 views

There is no field for entering an opening balance when setting up the chart of accounts.  Pray Tell, how is this missing as this is a  Bookkeeping 101 item required to set up the books. I tried making journal entries but ran into the next road block. There is no field there for tags so they don't show on my reports or are mixed up.

I realize the MO is to force us to upgrade but to not provide the most basic account tools is a sham. Not sure I will go from the 30 day trial to a purchase.

1 reply

C
ChristineJoieRQuickBooks Team
QuickBooks Team
October 23, 2023

I'm ready to help you how to view the balances under the Chart of Accounts page, @lvloatreasurer. 

 

To view the opening balances for your accounts, you can go to the Chart of Accounts in QuickBooks Online and select the account you want to view. From there, you can view the account history and find the opening balance entry.

 

Here's how:

 

1. Go to the Gear icon and click the Chart of Accounts.

2. Click the View Register.

3. Scroll down and review the opening balances below.

 

Furthermore, by adding columns, QuickBooks will display details like bank balance and QuickBooks balance within the Chart of Accounts screen. It can provide you with a quick overview of the financial status of your accounts at a glance.

 

Here's how:

 

  1. Navigate to the Gear icon and click the Chart of Accounts.
  2. On the screen, locate the Setting icon on the left side.
  3. Once done, put a checkmark on the Bank Balance and QuickBooks Balance.

 

Next, if you need to set up new accounts, here's an article for your reference: Add an account to your chart of accounts in QuickBooks Online.

 

I'm also adding these resources for managing your QuickBooks transactions and reconciling them: Reconcile an account in QuickBooks Online.

 

Please let me know if you have other concerns with your banking accounts. I'll guide you along the way.

L
lvloatreasurerAuthor
October 23, 2023

This only applies to Bank and Equity accounts.

How about expense and revenue accounts which also need an opening balance to get the books started?

So simple but absolutely necessary.  How can it possibly be missing?

Any accountants out there have an answer?

M
Mark_AG
Level 1
October 23, 2023

Hi there, @lvloatreasurer.

 

I understand how efficient it would be if both expense and revenue accounts had an opening balance. Expense and revenue accounts represent costs and income that are incurred during the accounting period. Opening balances should be entered for equity, asset, and liability accounts, as they represent the initial investment, value of assets, and amount of debt at the start of the accounting period.

 

There's still a way of adding an opening balance to expense and income accounts. This method is by creating a journal entry and adding an opening balance equity account. However, it's best to reach out to your accountant to ensure you are debiting/crediting these to the correct accounts. You can follow the steps in this article: What to do if you didn't enter an opening balance in QuickBooks Online.

 

Furthermore, you can also check this article about reconciling an account in QuickBooks Online.

 

Let me know if you have any other concerns about the chart of accounts. I'd be glad to assist. Have a great day!

 

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