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TAConsulting
Level 2

Opening balance recorded as transfer not a deposit

When I entered the opening balance for the checking account it recorded it was a transfer not a Deposit. How can I fix it?
Solved
Best answer October 26, 2020

Best Answers
MaryJoyD
QuickBooks Team

Opening balance recorded as transfer not a deposit

I can share some information about adding your opening balance, @TAConsulting.

 

After creating an account, you can enter the opening balance either as a deposit, writing a check, or by transferring funds. When you enter an opening balance for your accounts from a personal account (or any accounts) to this business checking account, it'll show as a transfer. 

 

To enter an opening balance:

  1. Go to the Lists menu and click Chart of Accounts.

  2. Double-click the account and select the blank entry at the end of the register.

  3. Set the date to your QuickBooks start date.

  4. Enter the opening balance amount in the Deposit column. 

  5. Click on Record once done.

You can check this article for more information: Enter opening balances for accounts in QuickBooks Desktop.

 

In case you'd encounter errors when you reconcile your account, you can refer to the following article on how to fix beginning balance issues in QuickBooks Desktop.

 

I'm always here if you still have questions about your account. Let me know by leaving a reply below. Have a wonderful day!

View solution in original post

1 Comment 1
MaryJoyD
QuickBooks Team

Opening balance recorded as transfer not a deposit

I can share some information about adding your opening balance, @TAConsulting.

 

After creating an account, you can enter the opening balance either as a deposit, writing a check, or by transferring funds. When you enter an opening balance for your accounts from a personal account (or any accounts) to this business checking account, it'll show as a transfer. 

 

To enter an opening balance:

  1. Go to the Lists menu and click Chart of Accounts.

  2. Double-click the account and select the blank entry at the end of the register.

  3. Set the date to your QuickBooks start date.

  4. Enter the opening balance amount in the Deposit column. 

  5. Click on Record once done.

You can check this article for more information: Enter opening balances for accounts in QuickBooks Desktop.

 

In case you'd encounter errors when you reconcile your account, you can refer to the following article on how to fix beginning balance issues in QuickBooks Desktop.

 

I'm always here if you still have questions about your account. Let me know by leaving a reply below. Have a wonderful day!

View solution in original post

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