We have started with transactions but have not stated the opening balance. How do we change the opening balance from 0 to an amount without opening a new account?

marijana-ilieva · ‎April 14, 2020

Tori B · ‎April 14, 2020

I hope you're having a wonderful day.

Great news, you can change the opening balance, and it's easy as 1,2,3. I've included the steps below on how to do this.

1. Click the Gear icon and choose Chart of Accounts.

2. Locate the account, under Action column, click View register.

3. Find the opening balance entry and click on it.

4. Edit the amount and hit Save.

Check out Edit an incorrect opening balance for more details.

Please let me know if you have further questions or concerns. I'll be here to help you every step of the way. You can always reach back out to the Community anytime you find you need help. Take care!

marijana-ilieva · ‎April 16, 2020

Hello,

Thank you so much for the information and help.

However, I do not have a View Register option below my Action column. I only have Account history which does not give option for change in the opening balance (please see attached. I only have the options Edit, Make Inactive and Run Report, which neither one allows for change of the opening balance. Please advise which steps are necessary to make the change and where is the proper window to do so.

Thank you in advance.

Kind regards,

BettyJaneB · ‎April 16, 2020

Glad to have you back here in the Community, @marijana-ilieva.

I've got some clarifications to share on how you can edit the opening balance of your account.

If you didn't enter an opening balance when you created the bank account, you can add them by making a deposit. This way, you'll be able to post the opening balance to the Opening Balance Equity account.

Here's how:

Click on + New at the left pane.
Choose Bank Deposit.
Select the correct bank account.
Backdate the deposit to reflect the opening balance.
Leave the Received From blank.
In the Account field, select Opening Balance Equity.
Enter the appropriate amount.
Hit on Save.

Here's a link that you can check out for complete details about this process and on what are the next thing to do in clearing the transactions from the register: Entering a bank account opening balance.

You can also scan through these links I've attached to guide you in fixing opening balance issues and understanding the Chart of Accounts in QuickBooks Online:

Know that you can always get back to me if you need more help. I'll be right here for you. Have a lovely day and stay safe!

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We have started with transactions but have not stated the opening balance. How do we change the opening balance from 0 to an amount without opening a new account?