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Level 1

Hi, I have an opening balance difference, it's due to the opening balance, I can amend the balance but can you advise where to post the other side of the journal please?

 
3 REPLIES 3
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QuickBooks Team

Hi, I have an opening balance difference, it's due to the opening balance, I can amend the balance but can you advise where to post the other side of the journal please?

Hi paulfux

 

How has the opening balance been entered, by a deposit or a Journal Entry? Which ever it is you will e able to amend the amount by locating it within the chart of account and edit the amount. 

If you are wanting to enter/create an opening balance create either a Journal Entry or a bank deposit. 

Deposit: New+ > Bank Deposit > In the account field select/enter the bank account > in the date field enter the date of the opening balance from your bank statement > in the 'Add funds to this deposit' section enter/select opening balance equity in the account column > enter the amount in the amount column > save and close

Journal Entry: Select New+ Journal Entry > in the journal date field enter the date of the beginning balance from your bank statement > on line one in the account column select/enter the bank account you are using > in the debits column enter the amount of the opening balance > on line two select/enter opening balance equity > in the credits column enter the same amount as in line one in the debits column > save and close

Highlighted
Level 1

Hi, I have an opening balance difference, it's due to the opening balance, I can amend the balance but can you advise where to post the other side of the journal please?

Thanks for the quick reply, was trying to use this article https://quickbooks.intuit.com/learn-support/en-uk/banking/fix-beginning-balance-issues-during-your-f... as it's my first reconciliation

 

Then going into edit Account history for the opening balance as the actual current balance is correct

 

I do not have a Opening Balance Equity, do I need to add?

 

 

Highlighted
QuickBooks Team

Hi, I have an opening balance difference, it's due to the opening balance, I can amend the balance but can you advise where to post the other side of the journal please?

Hi paulfix

 

As stated in the previous message if you wish to enter a opening balance at a specific date you will either have to enter a Journal Entry or deposit, then within the chart of account locate the journal entry/deposit and then in the click the reconcile column several times, this column has a tick symbol with a square underneath it, until an R appears and then select save. When you do a reconcilition the beginning balance will be the amount you enterd in the journal/deposit