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Level 1

How to change business opening balance.

I am having an issue to just modify my business opening balance.  Can you please assist.

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QuickBooks Team

How to change business opening balance.

Hello there, @ELPJ.

 

Thanks for letting us indulge in answering your concern. I can help change your business opening balance.

 

Changing the business opening balance can be critical as this may cause to create a double accounting entry.  Also, Accounts Receivable and Accounts Payable opening balances are treated differently in QuickBooks.

 

That is why, if you need to edit the opening balance, it's best to consult your accounting professional. 

 

To change the opening balance:

  1. Go to the Company menu.
  2. Select Chart of Accounts.
  3. Right-click on the account you want to update the opening balance and choose Edit Account.
  4. Click the Change Opening Balance button.
  5. In the Account register, find the opening balance transaction which is usually the first transaction and has Opening Bal Equity in the Account field.
  6. Edit the amount and date (if necessary).
  7. Click Record to save the changes.

For more information, look into the following article: https://quickbooks.intuit.com/community/Help-Articles/Record-opening-balance/m-p/203403.

 

This information should help you modify your business opening balance. Keep me posted on this, and I'll be right here if you need anything else. Have a nice day!

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