Opening Balance question

Journal entries should be the exception when using QB, they often do not work as you think they should, and when you use inventory type items they never work for inventory. It is much better to use the forms on the home page the way QB is designed to be used. Journal entries also bypass accrual/cash reporting, and will not show on many reports.

The increase in owner equity investment is the correct source account for the deposit.

@Rustler  Thank you for your reply, your other replies throughout the quickbooks community have been noticeably helpful for me!

I understand the issue with journal entries, this is the only one i have had to do, and would prefer a way around having to keep it on my books.

So, after doing more research on the topic, I am wondering if it would be better to not have created the journal entry (delete it), and instead;

Categorized the bank feed deposit differently, this bank feed deposit was a cash deposit from my own funds for opening the business checking account.

Should I have categorized it as "opening equity balance" and then next line: "Owners equity investment", with a negative of that cash deposit amount? Would this make sense and then clear the balance in the "open balance equity" account correctly?

I appreciate your time!!

@Rustler  Great! Thank You.

Taxed as a sole proprietor.

I deleted the journal entry and am now left with the cash deposit assigned to Equity Investment. and nothing posted to Open Balance Equity.

I have never posted to my first Equity account on the list, only Equity Investment or Equity Draw. I'm correct in doing so?

Again, thanks!

During the year that is fine.  Usually at the start of the new year after any income tax adjustments are made, you roll up the draw and investment accounts into owner equity.  OBE should be zero after you roll it up too.