Hi there, @BB-PHV.
You can create a journal entry to enter the 5/31 balance. But before doing so, I recommend consulting an accountant for expert advice about your situation. They'll be able to guide you on which account to use to debit and credit, as well as how to ensure books are error-free.
To create a journal entry, here's how:
- In the left menu, click on + New.
- Choose Journal entry.
- On the first line, select an account from the Account field. Enter the amount in the correct column if you need to debit or credit the account.
- On the following line, select the other account you're moving money to or from. If you entered a debit or credit on the first line, enter the same amount in the opposite column.
- Check the amounts - you should have the same amount in the Credit column on one line and the Debit column on the other. This means the accounts are in balance.
- Select a class for each line item.
- Enter information in the memo section, so you know why you made the journal entry.
- Select Save and new or Save and close.
You can check out this article for additional information about this process: Create a Journal Entry in QuickBooks Online.
For future reference, here's a great resource about the best practices when reconciling: Learn the reconcile workflow in QuickBooks.
Please let me know if there's anything else I can do for you. I'll be standing by for your response. Have a great day.
