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Level 2

Credit card opening balance contains personal 'debt'

hello, I'm newish to Quickbooks and want to add expenses from my personal credit card for the last year that are genuine business spend. The problem I have is that the 'opening balance' (which appears in the balance sheet report) is the cedit card -ve balance at the start, last year - ie the balance at the time was nothing to do with company spend. Is it possible to reset the opening balance to zero? Maybe I'm missing something?

Many thanks

Claire

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Best answer July 06, 2020

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Level 2

Credit card opening balance contains personal 'debt'

Perfect - thankyou!

View solution in original post

4 REPLIES 4
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QuickBooks Team

Credit card opening balance contains personal 'debt'

Hi claireatkinsonassociates, The opening balance for an account showing on the balance sheet is generated from the  transactions created prior to the start date of the balance sheet. If you would like a zero beginning balance you would have to delete all the transactions that are creating the balance.

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Level 2

Credit card opening balance contains personal 'debt'

Thanks John - I had a;ready tried that as a method of getting myself out of the mire and starting again from scratch, so whilst I have no transactions now (all sitting in 'For Review'), according to the balance sheet for my last financial year - to end of June - I have an opening balance equity which is equal to that starting balance. So I guess I need to find some way of removing that? I imagine that was set up by me trying to resolve this in the first place!

 

Many thanks  

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QuickBooks Team

Credit card opening balance contains personal 'debt'

Hi claireatkinsonassociates Select accounting > chart of accounts > either select account history and locate the transaction and delete it or select the drop down menu to the right of account history > run report > all dates > locate the journal, click into it and delete it.

Highlighted
Level 2

Credit card opening balance contains personal 'debt'

Perfect - thankyou!

View solution in original post