On the balance sheet I'm showing a Opening Balance Equity amount at the end of the year and this comes all from random inventory entries during the year. As I understand from other similar posts regarding this account, this should be 0 and equal to Retained Earnings at the end of the year.
How can I zero this account?
From what I've read, you could transfer (if this is the right process?) the balance to an Equity Investment account (under the Equity account). I've tried this, but instead of lowering the total in Opening Balance Equity, it increased it by the amount I believe should offset this.
Related to this, I've made an entry into the new year's bank balance equal to the amount I've had at the end of last year. This amount also shows into the Opening Balance Equity balance. This is mostly to keep in sync between bank statements and QB.
Should I remove this entry and start the new year with 0 forward balance?