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Everything you need to know about banking in QuickBooks Online - Discover more
primrosebookkeep
Level 1

Hi, how do I add an opening balance to a bank account, i moved accounts from sage and it pulled over the last 6 years? but I need a balance from June 19

 
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Best answer March 28, 2020

Accepted Solutions
GraceC
QuickBooks Team

Hi, how do I add an opening balance to a bank account, i moved accounts from sage and it pulled over the last 6 years? but I need a balance from June 19

Hello there, @primrosebookkeep.

 

You can add an opening balance to your bank account in QuickBooks Online through a bank deposit as explained below or by creating a journal entry against the bank account on line 1 and the opening balance equity(sometimes named retained profits balance forward) chart of account.

 

Here's how:

  1. Go to +New, then choose the 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.

For more reference, you can check out this article: Entering a bank account opening balance.

 

Please let me know if you're referring to something else or have other questions. Have a good day!

View solution in original post

1 REPLY 1
GraceC
QuickBooks Team

Hi, how do I add an opening balance to a bank account, i moved accounts from sage and it pulled over the last 6 years? but I need a balance from June 19

Hello there, @primrosebookkeep.

 

You can add an opening balance to your bank account in QuickBooks Online through a bank deposit as explained below or by creating a journal entry against the bank account on line 1 and the opening balance equity(sometimes named retained profits balance forward) chart of account.

 

Here's how:

  1. Go to +New, then choose the 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.

For more reference, you can check out this article: Entering a bank account opening balance.

 

Please let me know if you're referring to something else or have other questions. Have a good day!

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