cancel
Showing results for 
Search instead for 
Did you mean: 
Nelson D Beverly
Level 2

Should the opening balances of bank accounts be in equity?

I started a new QB file on 7/1/2018. Should the opening balances of bank accounts be in equity? It went to Opening Balance Equity (OBE) but I moved it to Shareholder Equity (an account I created) where all other equity activity ends up each year. 

1 Comment 1
john-pero
Community Champion

Should the opening balances of bank accounts be in equity?

As long as it is zero at end of first year, moving any remaining balance in OBE to any type of owner equity is appropriate. Shareholder equity woulld apply to a S corp. An LLC has members and a sole proprietor is just an owner

Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up

Need to get in touch?

Contact us