How to create opening balance for a liabilities account
When a new client opens an account at my business they pay a deposit which I hold until the account is closed and the deposit is refunded back to them.
I created a "current liabilities - client trust account" called "Client Deposits". I then created a Service in Products & Services titled "Client Deposits" and set the income account as the "Client Deposits" liability account. Whenever I receive a deposit I create a Sales Receipt with a Client Deposit service item and match the sales receipt to the bank transaction. This all works nicely and the deposit goes into the Client Deposits liability account.
However I want to add an opening equity balance entry for the Client Deposits liability account as was never given the option when creating it. And I have a sum of client deposits held in my bank account from before I started using Quickbooks Online. How do I create this opening balance? I have previously been successful editing the opening balance for other accounts in the past. Though I can't seem to find out how to do it in this instance.
Do I need to create a journal entry? If so could someone talk me through the steps please?
Or do I need to create a Sales Receipt for the bulk of deposits I had on the account before I started using Quickbooks Online? The only problem I foresee with that is there is no banking transaction to match this sales receipt to so it would leave an unfinished paper trail.