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Intuit
51 helpful votes

Entering a bank account opening balance

To create the opening balance when you set up the account:

  1. Select the Gear Icon and choose Chart of Accounts, then select New.
  2. Under Detail Type, choose the type of account: Cash, current, savings etc
  3. Type in the appropriate account name.
  4. Enter in the appropriate information for the opening balance and the date as of.
  5. Select Finish.

If you did not enter an opening balance when you created the bank account, you can enter it as a deposit.

  1. Select the Create icon ⨁.
  2. Choose Bank Deposit.
  3. Select the correct bank account.
  4. Backdate the deposit to reflect the opening balance.
  5. Leave the Received From blank.
  6. In the Account field, select Opening Balance Equity.
  7. (Optional) Enter a memo, such as "Opening Balance".
  8. Enter the appropriate amount.
  9. Select Save.

Next, clear the transaction within your bank register: Select Accounting, then select Chart of Accounts. Select the bank account to which you added the deposit, and then select Go to Register. In the column between the Payment and Deposit columns, click until an R appears on the opening balance transaction line. Select Save.

Next, clear the transaction within your bank register: On the left hand side panel, choose Transactions and select Chart of Accounts. Select the bank account to which you added the deposit, and then click Account History. In the column between the Deposit and VAT columns, click until an R appears on the opening balance transaction line. Select Save.

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