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rwcjr
Level 3

credit card beginning balance

Recently purchased Quickbooks Desktop Accounting.  Reconciling credit cards.  How do I first enter the beginning balance?  The amount I am off is my beginning balance which I could not input in the chart of accounts....only an ending balance.

Is there a journal entry I am to do for this beginning balance.

 

thanks

Solved
Best answer August 15, 2021

Best Answers
KlentB
QuickBooks Team

credit card beginning balance

Thanks for choosing QuickBooks Desktop, rwcjr.

 

I'm here to help you in entering the opening balance.

 

You can go to the Company menu to create a journal entry for the opening balance. Take note that you may need to consult your accountant in doing this if you're not familiar with accounting. When you're ready, here's how to do it:

 

  1. Select Company from the top menu bar.
  2. Choose Make General Journal Entries.
  3. Set the date for the journal entry. It should be the date you pick for the opening balance.
  4. From the Account drop-down menu, choose the account you're entering the opening balance for.
  5. Enter the balance for your real-life accounts for the day you picked. Depending on the type of account:
  6. On the next line, click the Account drop-down menu and then select the Opening Balance Equity account.
  7. Enter the same opening balance amount in the opposite column as the first line.
  8. When you're done, select Save & Close.

I also recommend checking our Reconciliation Workflow Guide to help keep your banks accounts balanced and up-to-date.

 

Let me know in the comment section if you have any other concerns or further questions about reconciliation. Have a pleasant day ahead.

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5 Comments 5
KlentB
QuickBooks Team

credit card beginning balance

Thanks for choosing QuickBooks Desktop, rwcjr.

 

I'm here to help you in entering the opening balance.

 

You can go to the Company menu to create a journal entry for the opening balance. Take note that you may need to consult your accountant in doing this if you're not familiar with accounting. When you're ready, here's how to do it:

 

  1. Select Company from the top menu bar.
  2. Choose Make General Journal Entries.
  3. Set the date for the journal entry. It should be the date you pick for the opening balance.
  4. From the Account drop-down menu, choose the account you're entering the opening balance for.
  5. Enter the balance for your real-life accounts for the day you picked. Depending on the type of account:
  6. On the next line, click the Account drop-down menu and then select the Opening Balance Equity account.
  7. Enter the same opening balance amount in the opposite column as the first line.
  8. When you're done, select Save & Close.

I also recommend checking our Reconciliation Workflow Guide to help keep your banks accounts balanced and up-to-date.

 

Let me know in the comment section if you have any other concerns or further questions about reconciliation. Have a pleasant day ahead.

KlentB
QuickBooks Team

credit card beginning balance

Hi rwcjr,

 

Hope you’re doing great. I wanted to see how everything is going about your concern. Were you able to enter the opening balance? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at anytime.

 

Looking forward to your reply. Have a pleasant day ahead!

rwcjr
Level 3

credit card beginning balance

I did get it to balance. Thank you, bob

Lillyzp
Level 1

credit card beginning balance

What do you mean when you say "Enter the same opening balance amount in the opposite column as the first line" what's the first line?

MaryJoyD
QuickBooks Team

credit card beginning balance

I can share additional information about adding an opening balance, @Lillyzp.

 

The line that KlentB is referring to is the amounts that you'll be adding under the Debit and Credit columns when creating a journal entry. 

 

If you're entering a balance for an asset account, on the first line, enter the amount in the Debit column. On the second line, choose Opening Balance Equity account and enter the amount in the Credit column.

 

For liability and equity accounts, on the first line, enter the amount in the Credit column. On the second line, set the Opening Balance Equity account and enter the amount in the Debit column.

 

I also suggest consulting an accountant for guidance on the best category or account to use.

 

Check out this article for more information about recording journal entries: Create a journal entry in QuickBooks Desktop for Windows.

 

Here’s additional information or alternatives with adding opening balance for a bank, credit card, and other types of accounts: Enter opening balances for accounts in QuickBooks Desktop.

 

You can also check on the following article for more troubleshooting steps in resolving errors you'll possibly encounter when reconciling your accounts: Fix beginning balance issues in QuickBooks Desktop.

 

Stay in touch if you still have questions in creating this journal entry or if you have any other concerns by leaving a comment below. I'm always glad to help in any way I can.​ Have a great rest of the day!

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