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sharonalee
Level 1

Opening Balance Question

Is it possible to enter a new opening balance for an account and then try to reconcile? We were not recording payments and matching deposits correctly over the past couple of years and the account in QB is a disaster. It does not ever match the amount in the actual bank account. We have been doing it correctly now in 2020 and would like to start fresh. We had a manual book to back up QB for the past couple of years. Thank you for any suggestions.

3 Comments 3
Steve_C
QuickBooks Team

Opening Balance Question

Hi sharonalee. You came to the right place. To edit the opening balance of an account in QuickBooks Online, just follow these steps:

  1. Select the Gear icon at the top, then Chart of Accounts.
  2. Locate the account, then go to the Action column and select View register (or Account history).
  3. Find the opening balance entry.Tip: If you've got the Date column sorted from newest to oldest, the opening balance entry is likely at the bottom or end of the list.
  4. Select the opening balance entry once you've located it.
  5. Edit the amount.Tip: If you're not able to edit the amount directly on this screen, in some cases you can edit by selecting the Edit button.
  6. Select Save. Note that the change will not be saved if you navigate away from the register without saving.

If you need a visual representation, I've got your back with that too. Here's a link to our guide on editing an incorrect opening balance

 

There's also a chance the entry won't be there. If so check out this article on entering a balance after it has been set up. 

 

Just let me know if you need anything else, you will be good on your way with this info but I'm always ready to help. 

sharonalee
Level 1

Opening Balance Question

Thank you for that tip, however, my issue is that the original opening balance is correct, from when we first started using QB 3 years ago, but we were posting payments and matching deposits completely wrong and the balance discrepancy between the bank and QB is way off, as well as the register being a disaster. We began 2020 doing it all correctly, so I was wondering if it is possible to start fresh with entering a new opening balance for 1/1/2020. We have manual books to verify the past 3 years. Thank you so much for any suggestions.

Joesem M
Moderator

Opening Balance Question

 

Thanks for getting back to us, @sharonalee.

 

Let me share additional insights about entering a new beginning balance in QuickBooks Online.

 

We're unable to enter a new opening balance in QuickBooks if there are old transactions. What we can do is to create a journal entry to fix the opening balance for January 2020.

 

Before doing so, I highly suggest consulting your accountant or accounting professional for guidance on which account receives the debit and the credit side of the transaction. This is to ensure that the books are accurate for your business.

 

To create a journal entry, here's how:

 

  1. Go to the New (+) icon.
  2. Choose Journal Entry.
  3. Fill out the fields to create your journal entry.
  4. Select Save and new or Save and close.

Once done creating the journal entries, you'll have to go to your Bank register and mark them as R. This way, it will affect your opening balance and fixed the previous reconciled period. I've added a screenshot for reference.

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Also, you can read through these articles to help resolve beginning balance issues depending on your scenario: 

 

 

Let me know if there's anything else I can help you with. I've got your back. Thanks again for dropping by, wishing you and your business all the best.

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