I can help you with that, BigRog.
We can simply edit the balance of that account. Since the transactions have already been recorded, you can open the Chart of Accounts and double-click the account to open the register. Then, locate the Opening Balance Equity entry and change it to the correct number.
Alternatively, you can sign in to your bank's website or find your bank statement. Then, set your account so you can see the balance for the day you set as your opening balance date in QuickBooks. This way, we'll be able to compare it to your real-life account.
Here's how to edit the opening balance:
- Click the Lists menu, then go to the Chart of Accounts.
- Find the account with the incorrect opening balance.
- Locate then double-click opening balance transaction to open it. This transaction usually occurs as the first transaction with the label "Opening Balance" in the Account field.
- Change the amount of the Opening Balance Equity.
- Click OK, then select Yes to confirm the changes.
Once done, we can now start reconciling your accounts on a monthly basis.
I've also included an article that will help you identify discrepancies between your bank statement and QuickBooks records.
If there's anything else that I can help you with, please don't hesitate to insert a comment below. Stay safe.
