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I have started a new company using QB desktop 2020. I have entered the beginning opening balance with the wrong amount. I have no transactions entered yet how can I correct this? Do I delete the deposit and re enter? Any advice will be appreciated.
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Thank you for posting here in the community, @Wailele.
Since you don’t have any transactions yet entered in your company file, you can edit your beginning balance to correct the amount.
You can also use this article to understand more about the Chart of Accounts in QuickBooks Desktop: Chart of Accounts FAQ’s
Please let me know if you have any other questions. I am here to help. Keep safe.
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I am starting a new set of books in QB and need to take paper financials that another firm generated and use those to start my set of books.
As for opening bank account amounts, do I use the amounts shown on the financial statements as of 9/30 or do I use the bank statement balance on 9/30?
Any other tips for getting the Jan-Sept numbers into my system would be helpful!
Good day, annsingbake.
An opening balance is the starting point for the account in QuickBooks. The program also follows the entry in your bank statement when reconciling your account.
You'll want to use the on your bank statement so it would be easier for when it's time to reconcile. Check out these articles for more details:
I would also recommend reaching out to your accountant for additional on this. Don't hesitate to reach out to us again if you need more help when tracking transactions in QuickBooks.