Welcome to QuickBooks Community, accounts-chelete.
The Opening Balance Equity is the account QuickBooks Online uses to track all your opening balances for all of your accounts in the Chart of Accounts. There are two ways on how we can zero it out.
The first one is by creating a journal entry. However, I suggest seeking some help from your accountant if you want to use this method.
The second one is by manually deleting all the entries on your Opening Balance Equity account. You can follow these steps but please note that this may also affect the other accounts.
- Go to the Accounting menu and select Chart of Accounts.
- Search the Opening Balance Equity and click View register.
- Select the entry to expand the view. Tap Delete, then Yes to confirm.
I've added some links you can review. These will show you how the opening balance affects your accounts:
Leave a reply below if you have additional questions. I'm looking forward to assisting you again.
