My account is off by the amount I deposited into my business checking account the day I opened it. I categorized this transaction in my bank feed as owners equity investment.
From what I am reading, my problem is because I did not enter an opening balance when setting up the account in quickbooks.
How do I add an opening balance? I seem to only be able to find instructions for quickbooks online for this topic.
I am using Quickbooks Desktop. Thanks!
Welcome to the Community, quinn1.
Entering an opening balance in QuickBooks Desktop only takes a couple of steps. Here's how:
You can check this article for more information: Enter opening balances for accounts in QuickBooks Desktop.
Don't hesiiate to leave a reply if you have more questions.
I can show you detailed instructions on how to change the opening balance of the account, @quinn1.
Let me know if you still need further assistance in setting up an opening balance by leaving a comment below. Take care and have a wonderful day!
Since you have duplicate deposit transactions, you will need to delete one deposit.
It's preferred to delete opening balance entry since you added another one from the bank feed.
When you add Opening Balance when creating a new account, the other side goes to the Opening Balance Equity account.
Go the Chart of Accounts (Lists menu on top > Chart of Accounts).
Locate Opening Balance Equity account in your Chart of Accounts (COA).
Double click the account. Now you're on the Equity Register.
Locate the Opening Balance transaction.
Under the Memo column, you should see ACCOUNT OPENING BALANCE. Right-click your mouse. You should EDIT DEPOSIT. Select Edit Deposit. The actual transaction should open.
Make sure this is the one you want to delete. From Edit menu top left, select DELETE DEPOSIT. It will prompt with "are you sure..." warning, click OK. Done.
See the screenshot below for reference.
I appreciate everyone's assistance, and I am sorry if I am missing something here. I do not show or have an opening balance for the account. So when I follow instructions to change the balance, I am unable to do so in the register because there is no opening balance account in the register for that account. Only the "owners equity investment" account which I recorded the cash deposit from my bank feed to.
We can create a journal entry, quinn1.
This will correct the opening balance of your account. You can follow these steps:
I'd also suggest reaching out to your accountant for additional guidance with this.
Once done, open the account to verify if the opening balance is reflecting already.
This will fix your concern about opening balance. Comment again if you need more help.
Thank You! @AlexV !
So I was able to enter the journal entry, now I am curious, shouldn't my opening balance equity account show zero? Am I supposed to link the "owners equity investment" deposit somehow with the opening balance equity?