Thanks for reaching out to us, kristinsenior.
I'm here to help you set up your account balances.
You can open your Chart of Accounts to create new accounts and set up the opening balance. Before diving in, please prepare your bank statements or sign in to your bank's website. This will be our guide to ensure that QuickBooks match the real-life bank and credit card accounts you're tracking.
When you're ready, here's how to do it:
- Sign in to your company file.
- Go to the Company menu, then select Chart of Accounts.
- Choose New from the Account drop-down menu.
- Select Bank or Credit Card, then click Continue.
- Enter the account name, then fill out the rest of the data fields.
- Select Enter Opening Balance, then enter the ending balance and ending date from your most recent bank statement.
- Click OK, then select Save & Close.
To learn how to enter the startup balances for your other balance sheet accounts, you can read this article: Enter opening balances for accounts in QuickBooks Desktop.
Take note that you'll have to be extra careful when setting up the balances for Equity, Fixed Asset, and Other Current Asset/Liability accounts to avoid creating a double accounting entry. If you're unsure what to enter, I'd recommend reaching out to your accountant for further guidance.
Since you're starting a new file, I encourage reading our Getting Started Guide to help build and set up your business. Whether you’re a new or experienced user, this reference will give you the answers you need for QuickBooks Desktop.
We're open here 24/7, so please don't hesitate to visit us again if you need more help in accomplishing your other tasks. Have a great day ahead.
