Add Begining bank balance in QuickBooks online

Help has arrived, @Taufeeq.

I've got the steps that you need in entering an opening balance in QuickBooks Online.

There's no need to worry if you haven't entered an opening balance when creating an account in QBO. You have the option to create a journal entry so you can reconcile your account.

Before doing so, double-check that you don't already have an opening balance on your register.

To do that:

1. Go to the Accounting menu.
2. Select Chart of Accounts.
3. Find the account and select View register from the Action column.
4. Search for an opening balance entry. It should have Opening Balance Equity in the Payee/Account column and Opening Balance in the Memo column.

Once verified, let's go ahead and create a journal entry for the opening balance.

Here's how:

1. Select + New and click on Journal entry.
2. Enter a date that comes before the oldest transaction in the account. This will be the opening balance date.
3. On the first line from the Account dropdown, select the account you want to enter the opening balance for.
4. Add a note in the Description field so you know what the journal entry is for.
5. On the second line from the Account dropdown, select Opening Balance Equity.
6. Use your bank statements to enter the opening balance. Enter the balance of your real-life account for the date you picked as the opening balance.
7. Enter the debits and credits based on the type of account you entered on the first line.
8. When you're ready, select Save.

For complete details about this process, please see this link: What to do if you didn't enter an opening balance in QuickBooks Online.

After that, you need to reconcile the journal entry to balance your accounts. This way, you can reconcile your account smoothly in the future. I'm also adding here some articles that can help you in fixing reconciliation issues in QBO:

• Reconcile an account in QuickBooks Online
• Fix issues the first time you reconcile an account in QuickBooks Online

You can always get back to me here if you have any other concerns with managing your accounts in QBO. Just leave a comment below. Have a lovely day!

Hello,

On the first line from the Account dropdown, select the account you want to enter the opening balance for. Add a note in the Description field so you know what the journal entry is for skylightpaycard. On the second line from the Account dropdown, select Opening Balance Equity. Use your bank statements to enter the opening balance.

Good Day Ms. Betty,

I could not find the option in Payee account or anywhere to update the opening balance, can you please help me to find.

Im attaching the screenshot for reference.

If I add the Journal entry, debit account will be bank account then what is the the account to put credit amount.

Thanks for joining the Community, Taufeeq.

You can update an account's opening balance through its View register screen.

Here's how:

1. Use your Gear (⚙️) icon.
2. Go to Chart of Accounts.
3. Find the appropriate account, then click View register under its Action column.
4. Locate your opening balance entry. If you've got the Date column sorted from newest to oldest, your record may be at the end of your list.
5. Hit the opening balance entry.
6. Edit its amount. If you're unable to edit it directly on this screen, press your Pencil (✏️) icon.
7. Select Save.

When working with journal entries, if you're not sure which account to use, I'd recommend working with an accounting professional. If you're in need of one, there's an awesome tool on our website called Find an Accountant. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.

I've also included a couple detailed resources about working with opening balances and journal entries which may come in handy moving forward:

• Edit an incorrect opening balance
• Create a journal entry

If there's any additional questions, I'm just a post away. Have an awesome Monday!