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I am starting QB Online for Sept 2019 and the bank balance was entered incorrectly. I need to fix the opening balance but do not see how to fix it based on all the help threads as it is a prior year. All the other help topics are assuming this is a current year issue. Can I fix it by doing this:
1) In the Accounting tab
2) Go to Chart of Accounts
3) Click the arrow to the right of Account History - Chose Edit
4) The dialogue window comes up to Edit the actual account.
** Should I change the balance there with the start date? **
I appreciate your proactivity in finding the necessary steps to edit your opening balance. Mistakes happen sometimes, and I know how important it is to resolve them. I'll be happy to assist you with this.
Considering your screenshot and the information on it, the steps that you outlined in your post will only enable you to edit the Account type, Detail type, Name, and Number. You can indeed enter the opening balance when setting up an account in the chart of accounts, but to edit that value, you'd have to go a different route. Here's how.
Go to the Accounting menu, then select Chart of Accounts.
Locate the account on the list and click on Account history.
Search for the opening balance entry. It should have “Opening Balance Equity” in the Payee Account column and “Opening Balance” in the Memo column. Feel free to also use the Filter icon to search by date.
Take note of the date and balance.
Select the opening balance entry.
Edit the amount. Tip: If you're not able to edit the amount directly on this screen, in some cases you can edit by selecting the Edit ✎ icon.
Select Save. Your change will not be saved if you navigate away from the register without saving.
It's also important to note that editing a transaction included in existing reconciliations in the program can cause problems in your bookkeeping. If you've reconciled in QuickBooks Online before, I'd recommend reaching out to an accountant to assist you with this task to ensure everything is lining up correctly in your books. You can easily invite an accountant to your books or find one in your area. Just head to the My Accountant tab to get started, then select Find a pro to help.
Thank you for reaching out. The "Opening Balance" is not in the window, which is why I think it is a prior year issue although I have added the first deposit and they are showing. That is why I thought changing the account detail would be the way to go. I have attached another screen shot of the Bank Account History for you to see what I am talking about.
Hi again, jbirston, thanks for providing the screenshot. Once you enter the account balance in the Account detail window, you have to get in the account history to locate and edit that if needed. The fact that no balance amount was included in the account detail window before (at the initial set up of the account) would explain why you don't see any transaction with "Opening Balance" associated with it. Some users prefer to enter the opening balance as a transaction type. If you're unsure of which transaction in the account history corresponds to what you want to edit, I encourage you to reach out to an accountant to resolve this situation. They may either do an adjusting journal entry or help you in any other way to restore accuracy in your books.
Feel free to refer to my previous post for useful links and steps. I'm here if you have any other questions.