Hi there, omar-albadran927.
I'm glad you've reached to us. Allow me to help and guide you on how to delete opening balance equity in QuickBooks Online (QBO).
Let me walk you through the steps on how to delete the opening balance. Here's how:
Also, you might want to remove the remaining downloaded transactions from your banking page. You can exclude expenses from downloaded bank transactions.
If you need further assistance with the steps, I recommend calling our QuickBooks Online Support Team. They have additional tools to pull up your account and do a remote session.
Here's how to contact our phone support:
That should do it! Please know that I'm just a post away if you have any other concerns about Opening Balance. Have a good one.
Jumping in to answer your question, mb4ngirl.
Yes, deleted opening balance will no longer show in you Balance Sheet. Please follow the steps given in the earlier replies on how to delete it.
Please know that the Community is always here to guide you always. Thanks!
Thanks for looping in, @Rolling1.
The Gear Icon is available in QuickBooks Online version. Let me share some information to remove the Opening Balance Equity.
Opening Balance Equity is a special QuickBooks account in the equity section of the Balance Sheet. The most common reason for a balance in the Opening Balance Equity account is the result of a bank reconciliation that was not balanced to zero prior to completion. The process of entering the ending balance, marking the items that have cleared the bank, and reconciling the difference to zero is the correct procedure.
Once the account is reconciled back to zero, it is recommended that the account be marked as inactive.
You can read through this article to learn more about opening balance equity account: Understanding the Opening Balance Equity Account.
You can always feel free to leave your comments below if you have other questions. I'm always here to help.
I pulled the section that said Understanding the opening Balance Equity Account and printed it, however on the second page down at the bottom it says, click on Custom Transaction Detail Report.
The opening balance is still sitting there and the reconciliation was done in May. I just want to go forward and clear the account. I did the reconciliation and cleared the transactions, but the ending balance was not $0 So, cleared balance was $976.01 the new transactions were $1273.00 and total ending balance was 2,249.01. I hope this makes some sense to who is reading this.
Hello there, @Rolling1,
It could be the cleared transactions in your register were voided, deleted, or changed since your last reconciliation was done in May. This might be the reason the incorrect opening balance is still incorrect.
To help fix this, let's run these four reports to trace the account activity. This helps you identify reconciled transactions that were modified, deleted, or voided.
Here's how to run the first report:
You can run the other three reports by going through this article: Find Reconciliation Discrepancies (Mac).
If the reports show that cleared transactions were deleted, verify if they were already reentered. If not, recreate the transactions. Then, calculate the difference in the ending balance on the reports. Once done, you'll use it to perform a special reconciliation. For detailed steps, see the Special Reconciliation section through this article: Reconcile Bank and Credit Card Accounts (Mac).
You can count me in if there's anything else you need. Have a great day, @Rolling1.
Take care always,
after I follow all the steps here it tells me "The transaction you are trying to delete is linked to an account that is inactive. Please make the account active and try again." when I try to activate the account it is nowhere in the history......
Hello there, @ckconstruction19.
Let's make that there are no transactions linked to that account to delete the opening balance equity in QuickBooks Online.
Please follow the steps provided by @JanyRoseB on how to delete the opening balance.
Lastly, please have an accountant double check your records to make sure everything is recorded correctly.
For additional information on how to manage your QuickBooks account, feel free to visit this article: Help articles. I’m sure you’ll find it helpful.
Let me know if you need more help with this. Have a good day!
I down load bank and credit cards statement from 2019 to quickbooks online. After finished, I notice in the chart of account, my opening balance is - $ 70000. Any action that I need to do with opening balance such as edit beginning balance of credit card before I start to add or transfer in banking. Is the "-$70000" will change after all transaction in banking is added? what should I do with with opening balance account?
I would appreciate your help. Thank you.
I appreciate the complete details about your concern, @Tiff Nguyen.
When you added your bank account with QuickBooks for the first time, you can pick a day to start tracking your business transactions. Then, you enter the balance of your real-life bank account. By doing this, your balance matches from the start. Once set, when you record transactions, it may increase or decrease your account's balance.
Let's compare the balance to your real-life account by getting the bank statement. Then, you can edit it through the View register in QuickBooks Online.
Also, make sure to match and categorize all your downloaded transactions before reconciling your account. Uncategorized transactions may affect your accounts balance. However, if you've already reconciled the account and trying to edit an opening balance, you can visit this article for information on how to fix it: Fix beginning balance issues during your first reconciliation in QuickBooks Online.
Let me know if there's anything else I can help you with managing your downloaded bank transactions.