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Level 2

How do I correct an opening balance? I connected my bank account and it imported all transaction but not the balance and there was nowhere for me to enter it.

 
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Best answer 06-26-2019

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QuickBooks Team

Re: How do I correct an opening balance? I connected my bank account and it imported all transact...

Hi hello28

 

You will either have to create a Journal Entry, select the create icon in the top right hand corner of the screen > Journal Entry > enter the date the opening balance relates to > line 1 > in the account column select the retained profit balance brought forward ? enter the balance in the credit column > line 2 > in the account column select your bank account > in the debits column enter the amount > save and close.

 

If you are intending to use the reconcile facility you will have to manually reconcile the Journal Entry, Accounting > Chart of Accounts > account history (of your bank account) > locate the Journal Entry > select the line of the Journal Entry > in the column with a tick icon select the empty box until an R appears > save.

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6 REPLIES 6
QuickBooks Team

Re: How do I correct an opening balance? I connected my bank account and it imported all transact...


Hello hello28,

 

You will need to create a bank deposit to enter the correct open balance.

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

Let us know if you have any further questions.

 

Thanks,

 

Talia

Level 2

Re: How do I correct an opening balance? I connected my bank account and it imported all transact...

Hi Talia,

 

Thanks for this, I have tried this solution but I don't seem to have an Opening Balance Equity account and if I try to create one it comes up with the following error...

 

'Something’s not quite right
There can be only one account of detail type Opening Balance Equity.'
 
...which suggests there is one but it's not showing!
 
I have made no changes to accounts so I'm at a bit of a loss to know what to do. Have you come across this?
QuickBooks Team

Re: How do I correct an opening balance? I connected my bank account and it imported all transact...

Thanks for sharing the results of following the steps from my colleague, @hello28.


The error message indicates that there’s already an Opening Balance Equity set up in your account.


Let’s review the account and check it has been renamed. Here's how:

 

  1. On the left panel of your company, select Accounting and choose the Chart of Accounts.
    opb.png
  2. Type in Opening Balance in the field box.
    opb1.png
  3. You'll see the result in the Chart of Accounts window. 
    opb4.png
  4. If you want to change the name, click on the Account history drop-down and pick Edit
    opb6.png
  5. In the Account window, make the necessary changes and choose Save and Close.
    opb5.png

If this is the case, I suggest using the new name so you can continue in adding the opening balance amount. Once you have the information, you can follow the same steps provided by @TaliaI on how to add an opening balance.


For future reference, I’m adding a link that will walk you through on how to update an existing account with an opening balance.


Stay in touch if you have additional questions about the process. I’ll be right here to assist further.

 

Level 2

Re: How do I correct an opening balance? I connected my bank account and it imported all transact...

Hi, thanks but I've tried that and there is no account for OBE...

 

Screen Shot 2019-06-26 at 09.50.28.png

 

and when I try and create one it says there is one!?!?...

 

Screen Shot 2019-06-26 at 09.52.13.png

Level 2

Re: How do I correct an opening balance? I connected my bank account and it imported all transact...

I've found a work around by using the 'Retained profit balance forward account'  instead. It's an Equity account so the end figures are correct but the opening balance is still 0! Not sure whether to stick with this or to start again.  

Highlighted
QuickBooks Team

Re: How do I correct an opening balance? I connected my bank account and it imported all transact...

Hi hello28

 

You will either have to create a Journal Entry, select the create icon in the top right hand corner of the screen > Journal Entry > enter the date the opening balance relates to > line 1 > in the account column select the retained profit balance brought forward ? enter the balance in the credit column > line 2 > in the account column select your bank account > in the debits column enter the amount > save and close.

 

If you are intending to use the reconcile facility you will have to manually reconcile the Journal Entry, Accounting > Chart of Accounts > account history (of your bank account) > locate the Journal Entry > select the line of the Journal Entry > in the column with a tick icon select the empty box until an R appears > save.

View solution in original post