Hey there, @Georgie.
I’m happy to help you zero out the opening balance equity. Since a balance remains on the Balance Sheet for Opening Balance Equity, you’ll need to review the individual transactions by creating the following report:
- Select Reports > Custom Transaction Detail Report. The Modify Report dialog appears, with the Display tab selected.
- Pick the Report > Date Range to be reviewed. Choose all from the Dates drop-down menu.
- In the Columns section of the Display tab, place a checkmark next to those data fields to be included in the report, or push to remove the checkmark from those not to be included on the report. Be sure to include Type near the top of the list.
- Locate the Filters tab.
- In the Choose Filter pane, choose Account; from the Account drop-down menu select the Opening Balance Equity account, as shown in the image below.
- Optionally, for the Sort By drop-down list, select Type. This option groups the report by type of transaction, which might make reviewing the source of the transactions easier.
By doing this, it determines whether errors in the entries were made. The most important thing about the Opening Balance Equity account is that there should be no balances remaining.
For more information please visit this article about Understanding the Opening Balance Equity Account.
I’m just a post away if you have other questions.
