How do I change the opening balance on a linked credit card?

Hi there, beig.

I appreciate you contacting the Community for support. I'd be glad to show you the steps to change the opening balance on a linked credit card.

Here's how:

1. Click the Gear icon in the top right corner.

2. Select Lists, then Chart of Accounts.

3. Double click the account you need to change the opening balance for.

4. From the Account register, find the transaction with Opening Bal Equity in the Account field.

5. Edit the amount.

6. Click Record to save.

This article provides additional details on recording and changing opening balances: https://quickbooks.intuit.com/community/Reports-and-accounting/Record-opening-balance/m-p/203403.

Keep up the great work and feel free to reach out to me if you have any other questions. Take care.

There isn't an opening balance equity line to change. Is there another way to do this?

We can create a Journal Entry, Jerrica1.

Let me show you how:

1. Go to the ( + ) New icon and select Journal entry.
2. Enter the Journal date when the opening balance will take effect.
3. For the Account fields, enter the Credit Card and Opening Balance Equity account.
4. You can also check with your accountant when entering them, and then Save and close.

For the journal entries created, you can look into the Journal report. Just go to the Reports menu and then search and click Journal. 

If you have more questions, you can always leave a reply. Thanks!

Started a new business and with it, opened a new credit card. Should the opening balance equity be $0? In my register its at - a large amount followed by a R for reconciled according to bank records. I have checked my statement and there is only an ending balance for the month, revolving credit amount, available credit, cash access line, a past due amount of 0.00. 

Hi there, stephmf.

In entering an opening balance of your credit card in QuickBooks Online (QBO), you have to enter the latest balance in your credit card and follow the date you have opened your account. If you've had the account for a while, you'll have to get the balance from the next bank statement. Here's how you'll enter your opening balance:

1. In your QBO company, go to the Gear icon.
2. Select Chart of Accounts.
3. Follow the onscreen instructions for the necessary fields to be filled out.
4. Enter when you wanted to start tracking your finances.
5. Enter the Balance field.
6. Verify the details then select Save and Close.

I can see these articles are handy while you're on the process in setting up a bank account:

• What's an opening balance?
• Enter opening balances for accounts in QuickBooks Online.

Also, for future reference, you can check this article in reconciling your bank account: Reconcile an account in QuickBooks Online.

Let me know if you  need further assistance with entering an open balance in QBO. I'm just around the corner. Have a wonderful day!

Is there another way to change the credit card opening balance? I have tried both of the ways talked about in this post and neither of them are changing the opening balance to zero on my credit card. 

Thanks!

Hi there, @jjordi24. 

Welcome to the Community space. We can look over from the For Review tab, there might be some uncategorized transactions. So we need to make sure we categorize them or Match to zero out your opening balance. Let me show you how to use Find Match tool: 

1. Go to Banking.
2. Select your bank or credit card account.
3. Below the For Review tab, find your downloaded transaction.
4. Click Find Match.
5. Select the invoice from the list with the same amount and date of your downloaded transaction.
6. Click Save. 

     

Additionally, here's a couple of articles you can read to learn more about Matching Transaction:  

• Bank Feed: Matching Transactions 

• Enter opening balances for accounts in QuickBooks Online 

However, in the future if you need to reconcile your account you can check out this handy article: Reconcile an account in QuickBooks Online. 

If there's anything else that I can help you with, please let me know in the comments. I'll be always around ready to help. Take care.