Reset or start fresh with new QBO account?

It's wonderful to hear about your plans to transition fully to QuickBooks Online (QBO) in 2026, Stephanie.

To reset your bank account balance or set a specific opening balance in QBO on January 1, 2026, creating a journal entry would help this situation. This method directly adjusts your account balances without requiring additional transactions or reconciliations.

To make sure your opening balance for 2026 is accurate, review your December 31, 2025, bank statement to confirm the actual ending balance. Once done, follow these steps to create a journal entry:

1. Log in to your QuickBooks account. 
2. Navigate to the + Create button, then select Journal Entry.
3. Select the correct account in the Account field, then enter the amount you need to debit or credit in the correct column.
4. On the second line, select the other account you're moving money to or from. Enter the same amount in the opposite column.
5. Review the amount in the Credit column on one line if it matches the amount in the Debit column. 
6. Once done, click Save and close.

On the other hand, a mock reconciliation isn’t needed because reconciliation is used to match existing transactions in QBO to those on your actual bank statement. Since setting a new opening balance doesn’t involve any existing transactions, there’s nothing to match or reconcile.

If you’re unsure about which accounts to use in your journal entry or you need further assistance, I highly recommend consulting an accountant or QuickBooks ProAdvisor. They can guide you through this process and ensure your books are set up perfectly.

You're always welcome to visit this forum if you have other concerns about this process.

@SLC33477 

There's no need to start fresh.  If you run a balance sheet right now, you should have a balance in your bank account and Accounts Receivable (A/R), assuming you have outstanding invoices.  You should also have a corresponding amount divided between Net Income (equity) and Retained Earnings (equity), assuming you have been using QBO before 2025.  On 1-1-26, run a balance sheet as of 12-31-25.  Then, create a journal entry that reduces your bank account to the beginning balance on 1-1-26 and also reduces Retained Earnings by a corresponding amount.  The journal entry will look like this:

After the journal entry, on your balance sheet, your bank balance should match your 12-31-25 ending balance (also your 1-1-2 beginning balance), your A/R should be unchanged, and Retained Earnings should be equal to the total of your bank balance and A/R.