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How do I fix opening equity account balance that duplicates my equity in a fixed asset?

 
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Best answer 07-06-2019

Accepted Solutions
QuickBooks Team

Re: How do I fix opening equity account balance that duplicates my equity in a fixed asset?

Hi @MitchellJ,

 

Let me help you fix the opening equity account balance of your fixed asset.

 

We'll need to create a journal entry in order for us to fix your opening equity account balance. Let me show you how:

  1. Click the Plus (+) icon, then select Journal Entry.
  2. Enter the Journal date.
  3. On the first line, specify the Account to enter the opening balance for.
  4. Enter the opening balance amount in either the Debit or Credit column, depending on the account type.
    • For assets and expense accounts, enter the opening balance amount in the Debit column
    • For liabilities, equity, and income accounts, enter the opening balance amount in the Credit column
  5. In the Name field, specify one of the following, depending on your entry in the Account column:
    • Specify a Customer name if you selected Accounts Receivable/Debtors
    • Specify a Vendor name if you selected Accounts Payable/Creditors
  6. On the next line, select the Opening Balance Equity account in the Account column
  7. Enter the opening balance amount in either the Debit or Credit column, making sure that you enter it in the opposite column than the one you used on the first line.
  8. Example: If you entered the amount on the first line in the Debit column, you must enter this amount in the Credit column.
  9. Select Save.

If the opening balance for one of your accounts is wrong, you have the option to edit it. Take a look at this article: Edit an incorrect opening balance.

 

Leave me a comment below if you have any other questions. I'll be sure to get back to you.

View solution in original post

1 Comment
QuickBooks Team

Re: How do I fix opening equity account balance that duplicates my equity in a fixed asset?

Hi @MitchellJ,

 

Let me help you fix the opening equity account balance of your fixed asset.

 

We'll need to create a journal entry in order for us to fix your opening equity account balance. Let me show you how:

  1. Click the Plus (+) icon, then select Journal Entry.
  2. Enter the Journal date.
  3. On the first line, specify the Account to enter the opening balance for.
  4. Enter the opening balance amount in either the Debit or Credit column, depending on the account type.
    • For assets and expense accounts, enter the opening balance amount in the Debit column
    • For liabilities, equity, and income accounts, enter the opening balance amount in the Credit column
  5. In the Name field, specify one of the following, depending on your entry in the Account column:
    • Specify a Customer name if you selected Accounts Receivable/Debtors
    • Specify a Vendor name if you selected Accounts Payable/Creditors
  6. On the next line, select the Opening Balance Equity account in the Account column
  7. Enter the opening balance amount in either the Debit or Credit column, making sure that you enter it in the opposite column than the one you used on the first line.
  8. Example: If you entered the amount on the first line in the Debit column, you must enter this amount in the Credit column.
  9. Select Save.

If the opening balance for one of your accounts is wrong, you have the option to edit it. Take a look at this article: Edit an incorrect opening balance.

 

Leave me a comment below if you have any other questions. I'll be sure to get back to you.

View solution in original post

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