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Frequent Explorer **

how can i enter the amount of funds the company starts off with

How or where can i enter the amount of funds my company is starting off with ?? so that any payments that is made, that amount is deducted from that balance. Also any sales or income that is made increases that balance.

8 Comments
QuickBooks Team

Re: how can i enter the amount of funds the company starts off with

Hello haydenbishop,

 

Welcome to the Community. I can assist you with entering the starting amount of funds in QuickBooks.

 

When creating an account in QuickBooks Online, you'll have an option to enter the current balance that you want to reflect in Chart of Accounts. The opening balance will show on your bank register as a deposit which you can configure and make changes to the amount.

 

Here's how:

 

  1. Click the Gear icon.
  2. Below Your Company, click Chart of Accounts.
  3. Search for the account.
  4. Click View register.

You can refer to the sample screenshots for visual guidance:

 

 

If you're using the Desktop version, the deposit will show as Opening Balance Equity on your register. To edit the transaction, please follow these steps:

 

  1. Click the List tab at the top menu bar.
  2. Click Chart of Accounts.
  3. Double-click the account.
  4. Search for the deposit.
  5. Click Edit Transaction.

Check this out:

 

 

I recommend the following link as it's a hub of articles to assist a user with editing opening balance:

 

Fill me in if you have additional questions with the starting amount balance in QuickBooks. The Community has your back.

Frequent Explorer **

Re: how can i enter the amount of funds the company starts off with

Hey AlcaeusF I'm trying to follow your steps on my quickbooks plus account , however i am not seeing some of the items within your screenshots. what is the name of the account i am to search for? If it is " bank register" i am not seeing it in my chart of accounts. or am i to create a new checking account ? thanks in advance. Cheers
Moderator

Re: how can i enter the amount of funds the company starts off with

Allow me to step in, haydenbishop.

 

If you've already created a bank account in QuickBooks Online (QBO), you can create a deposit transaction and choose the Opening Balance Equity account. 

 

Here are the steps:

  1. Go to the Gear icon and Chart of Accounts.
  2. Locate your bank and click on the View register link.
  3. From the drop down under Date, choose Deposit.
  4. Set the date and choose the Opening Balance Equity account.
  5. Enter the amount in the Deposit column.
  6. Click on Save.

I've attached some screenshots for reference.1.PNG

 

2.PNG

 

3.PNG

 

4.PNG If you haven't created a bank account yet, then I suggest following the steps in this article: Enter an opening balance for a bank account

 

There you have it. You'll be able to enter or record an opening balance for your bank account in QBO.

 

Please let me know how it goes. I'll be here to keep helping. Have a wonderful day.

Frequent Explorer **

Re: how can i enter the amount of funds the company starts off with

I haven't created an account yet, so I followed the steps on the given link, what account type should I select just to track my initial investment which will be used to purchase products for sale? i tried selecting a few but i am not getting the option to input an opening balance and also the date.
QuickBooks Team

Re: how can i enter the amount of funds the company starts off with

Hi haydenbishop,

 

Most of the business owners use bank as their account type to their initial investment. However, it's still best to consult with an accountant on how to properly record your investment. I'll guide you through how to create a bank account.

  1. In the left navigation panel, click Accounting.
  2. Click New.
  3. Choose Bank in the Account Type drop-down.
  4. Select Checking for Detail Type.
  5. Enter the Name and Number.
  6. Enter your opening balance under Balance. Then, the as of date.
  7. Click Save and Close.

I've attached some screenshots for you.

 

You can read this article to learn more about: Organize your accounts with detail types.

 

I've also added this link in case you need some future reference about: Help articles for QuickBooks Online.

 

Feel free to let us know if you have additional concerns. We're always here to help.

 

 

Established Community Backer ***

Re: how can i enter the amount of funds the company starts off with

Every existing balance of any type that exists on the day you start using quickbooks - even if just starting out - can be attributed to Opening Balance Equity. OBE is only used as you begin and is a reflection of your assets and liabilities as you go live. If you do not have that equity account add it.

 

If your money is in a bank account you create the bank account as described previously and post the beginning balance to OBE. If it is all in cash then that would be Petty Cash or Cash on Hand.

 

After you begin any personal funds you add to the business is Owner Equity Contribution.

 

Beyond OBE you need a set of 3 equity accounts for each owner. Equity - Contribution - Draw. All 3 should but do not have to be child accounts of a single parent equity account that is never posted to but acts as a summing account

Frequent Explorer **

Re: how can i enter the amount of funds the company starts off with

i think the problem i am having is that i am not seeing "bank" under account type. "bank" is showing up under the detailed type when "cash and equivalents" is selected in the account type. Is there another setting i need to enable to have this present ? or what will be the closet equivalent to " bank" in the account type drop down menu? Cheers
Moderator

Re: how can i enter the amount of funds the company starts off with

Hi, haydenbishop.

Allow me to take over and help you create a bank account via QuickBooks Online.

 

For US QuickBooks Online accounts, the term Bank is used in the Chart of Accounts. On the other hand, Cash and Cash Equivalents is the Account Type for non-US accounts.

 

You can choose the Cash and Cash Equivalents for the Account and Detail Type when setting up an account in your QuickBooks Online.

 

Here's how:

 

  1. Click Accounting in the left panel.
  2. Select Chart of Accounts.
  3. Click the New button in the upper right-hand corner.
  4. Under Account Type select Cash and Cash Equivalents.
  5. Under Detail Type, select Cash and Cash equivalents.
  6. Enter the NameDescription, and Balance.
  7. Click Save and Close.

z.PNG

 

You may find this article helpful: Account detail types.

 

In case you need to discuss account information, feel free reaching out to our QuickBooks Online Support. 

 

  1. Sign in to your QuickBooks Online Company.
  2. Click (?) Help at the upper right corner.
  3. Select Contact US on the pop-up.
  4. Enter a brief description of your concern then hit Continue.
  5. Click Get a callback.
  6. Enter your contact information.
  7. Select Call me.

Should you need more help with creating an account in QuickBooks, please let me know. I'll be here to help you out.