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accounts139
Level 1

How to key in opening balance without journal entry?

 
1 Comment 1
MaryLurleenM
Moderator

How to key in opening balance without journal entry?

You'll enter the current balance of your account, accounts.

 

When you select a date, you enter the account balance of that day from the bank statement. This is to make sure the opening balance in QuickBooks matches with your bank records.

If it's a deposit account, enter positive balance. Negative balance for expense.

 

Here's how:

  1. Click the Gear icon.
  2. Select Chart of Accounts.
  3. Select New.
  4. Follow the steps to create a new account.
  5. Select the start date.
  6. Enter the balance.
  7. Select Save and Close.

You can check out these articles to help you organise your accounts:

Drop a comment below if you have other questions on how to handle accounts in QuickBooks.