Open Balance Equity

hsolis328 · ‎February 12, 2020

Hi, I need help !

I forgot to add an opening balance on a short term loan in 2018. Now, in 2019 I did a journal entry to add the opening balance for the loan I credited the short term loan and debited the open balance equity account. But, now the open balance equity account has the balance of the liability. How do I remove the liability from the open balance equity account ? Was I supposed to have open another account ?

Please help !!

Ashley H · ‎February 12, 2020

Happy Wednesday, @hsolis328. I hope you're having a great week.

I recommend reaching out to your accountant for further assistance. They have the tools that can work with your account and check how your account is set up. They can give you accounting advice on what you should do to correct the Opening Balance.

Here are a few Community Articles that you may find helpful:

Let me know if you any further questions or concerns. I'm just a Reply away. Have a great rest of your week.

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