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.
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.
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:
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.
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:
I've attached some screenshots for reference.
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.
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.
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.
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
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.
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.
Should you need more help with creating an account in QuickBooks, please let me know. I'll be here to help you out.