Hi there, Marie. When you set up your account the first time and choose not to add an opening balance, you can still enter it manually by creating a journal entry.
I still recommend working with your accountant when setting this up to ensure that everything is entered accurately and matches your bank or credit card statements.
Here's how to create a journal entry for the opening balance:
- Hover over to + Create, then select Journal Entry.
- Enter a date that comes before the oldest transaction in the account. It will serve as the opening balance date.
- In the first row under the Account column, use the dropdown menu to select the account that needs the opening balance.
- Add a note in the Description field to explain the entry.
- In the second row under the Account column, select the dropdown and choose Opening Balance Equity or Retained Profit Balance Forward.
- Based on your bank statement, enter the correct opening balance. Ensure you enter both a debit and a credit to maintain accuracy.
For a detailed walkthrough of the remaining steps, check out this article: What to do if you didn't enter an opening balance in QuickBooks Online.
After entering the opening balance, you can begin reconciling your account.
If you have further queries, let us know. We're always here to help out.
