Quickbooks Online won't let me change the Opening Balance Equity account to Retained Earnings for a bank debit card.

Hello BookkeeperInquires313,

As an insight, Retained earnings are from last year's net profit. Hence, all the beginning balances for the balance sheet entries automatically post to the Opening Balance Equity account.

You can refer to this resource to learn more about Retained Earnings account details in QuickBooks Online. 

To ensure that your books are accurate, it would be best to reach out to your accountant when it comes to selecting an account. 

For future reference, check out these articles for the complete instructions on resolving the beginning and ending balances issues during reconciliation: 

• Fix beginning balance issues during your first reconciliation in QuickBooks Online
• Fix issues when you're reconciling accounts in QuickBooks Online

I’m more than happy to help if you need further assistance. Take care!

This is a new account as of this year. I want to know if I should edit the Opening Balance Equity and put it into another account or leave it. 

Hello there, BookkeeperInquires313.

When you create a new account in QuickBooks, you pick a day to start tracking transactions. you can use the date the day you actually opened the account. Whatever date you choose, use your bank statement to get the account's balance for that day. QuickBooks tracks all of your opening balances for all of your accounts in an Opening Balance Equity account. 

If you connect your bank and credit card accounts, QuickBooks automatically downloads your historical transactions up to a certain date. It totals them up and enters the opening balance and date for you. So you don't have to enter an opening balance.

If you need to add transactions that are older than the opening balance, you need to edit the start date and balance. I suggest reaching out to an accountant if there's a need to edit the opening balance so we don't mess up your books or reconciliations. Then, you can use this article that will help you fix opening balances: Editing an opening balance.

If you should have any questions, please let me know by posting a comment below. Cheering you for continued success.