Account cash at bank and in hand open balance entry

RitaSPL · ‎May 27, 2020

Hello!

I have an account just with expenses and now I passed these expenses to a barter account. So I want to close this first account and I need to put it on zero (now I have a negative value). For me to do an open balance entry I need an credit and one debit. I search a lit bit and I saw someone saying that we need to put the value of the balance in debt and in credit I need to choose Opening Balance Equity in the Account column, but I don't have this option.

GeorgiaC · ‎May 27, 2020

Hello Rita,

Thanks for your post. If you don't see an account for Opening Balance Equity, you can create this by going to Accounting > Chart of Accounts > New.

Select the account type as Equity, the detail type as Opening Balance Equity, and re-name this if you wish on the right-hand side. Once saved you'll then be able to select this account on the journal entry. :)

View solution in original post

GeorgiaC · ‎May 27, 2020

Hello Rita,

Thanks for your post. If you don't see an account for Opening Balance Equity, you can create this by going to Accounting > Chart of Accounts > New.

Select the account type as Equity, the detail type as Opening Balance Equity, and re-name this if you wish on the right-hand side. Once saved you'll then be able to select this account on the journal entry. :)

RitaSPL · ‎May 27, 2020

Thank you, Georgia! :)

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Account cash at bank and in hand open balance entry