I'd be glad to discuss some information about the initial balance set up for a credit card account in QuickBooks, Francys.
When you create a bank account and enter an opening balance in QuickBooks, it will automatically post it in the Opening Balance Equity. This is why you see an entry in your account.
To resolve this, we can create a clearing account and transfer the money from one account to another when direct transfer is not an option. This account should have a balance of $0.00 because the amount taken out always equals the amount put in. You may want to consult your accountant to set up this account to ensure accuracy.
After setting up the clearing account, you can create a journal entry to move the amount and zero out the Opening Balance Equity account's balance. Here are the steps to do this:
- Go to the Company menu and select Make General Journal Entries.
- Fill out the fields to create your journal entry. Make sure your debits equal your credits when you’re done.
- Select Save or Save & Close.
For more detailed information on the process, I recommend reading this article: Create a journal entry in QuickBooks Desktop for Windows or Mac.
Furthermore, you may find this article useful for customizing any report generated in QuickBooks Desktop: Customize Reports in QuickBooks Desktop.
Please tag my name in your reply if you have other questions about managing reports-related concerns in QuickBooks Desktop. I'm more than willing to assist you further. Have a pleasant day!
