Adjust Existing Vendor Opening Balance

Welcome to the Community, gwtruck. I appreciate your screenshot.

A vendor's opening balance will be grayed out if you've already created a bill on their account prior to entering it.

I'd recommend checking the vendor's transaction list to verify.

Here's how:

1. In your left navigation bar, go to Expenses.
2. Choose Vendors.
3. Locate the vendor and click their name.
   
4. Find your bill in their Transaction List tab, then access it. Review and confirm that everything's accurate.
5. When you're finished, select Save and close.
   

I've also included a detailed resource about entering supplier credits which may come in handy moving forward: Enter a vendor credit
 

If there's any additional questions, I'm just a post away. Have a great day!

Thank you for the response but I have already audited all the bills and payments for this vendor.

When we initially paid the $1500 for the secured line of credit, it was entered as an Expense because before 10/26/21, I just entered everything as one Expense and/or Bill and expensed everything to one truck.  There was no need to enter account for the security deposit of $1500.

Now that we have a credit account and multiple classes, I need to be able to account for the $1500 credit that will remain on my AR account with them going forward. 

How do I account for that now that I've had activity with them for almost a year?

Hello again, @gwtruck.

Thanks for letting us know that you’ve already audited the bills and payments for this vendor. This information will guide us on how to resolve your concern about entering the opening balance (vendor).

Let’s create a vendor credit and use the opening balance equity for the category. This makes sure the credit hits the expense account you use for this vendor. I’ll help and show you how to track this one in QuickBooks Online (QBO).

1. Tap the New menu in the upper right and choose Vendor credit under the Vendors section.
2. This will open a page where you can input the credit.
3. Select the supplier's name from the Vendor drop-down.
4. Make sure the information in the Payment date field is correct.
5. In the Category details section, go to the first line and key in opening balance equity under the Category column.
6. Fill in the remaining fields and type the right amount in the Amount (USD) column.
7. Click Save and close.

After adding the transaction, you can use this one toward any open or future bill. For more insights into this process, you can browse this article: Enter a credit from a vendor. It provides detailed information on how to track your account balance and credits using Accounts Payable.

Also, this link outlines the steps on how to manage your vendor or customer balances. From there, you’ll learn about the accounts affected for each accounting process.

Keep me posted below if you have clarifications about recording your vendor’s opening balance. I’ll be right here to help and make sure this is taken care of for you.