I am just setting up quickbooks. How do I correct the starting amount of my chequing account?
Setting up QuickBooks can be a lengthy process, but don't worry, you're in good hands now. I'll be happy to show you how to correct the opening balance on your account.
An opening balance is the starting point for the account in QuickBooks. It summarizes all past transactions in your real-life account up to the opening balance date. Here's how to edit an incorrect opening balance:
Go to Settings ⚙️, then select Chart of Accounts.
Locate the account, then go to the Action column and select Account history.
Find the opening balance entry. Tip: If you've got the Date column sorted from newest to oldest, the opening balance entry may be at the end of the list.
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.