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willem1
Level 2

I want to enter opening bank balance in qbo essentials.

i have aleady opened the account and continue with entering transactions. trying to edit in chart of accounts does not bring up the enter opening balance box.
1 Comment 1
LieraMarie_A
QuickBooks Team

I want to enter opening bank balance in qbo essentials.

Hi there, @willem1. I'll share with you an alternative way to enter the opening balance.

 

The opening balance box is only available if you haven't yet added transactions to the account. Not to worry, you can create a journal entry for the opening balance. 

 

Here's how:

  1. Select + New.
  2. Select Journal entry.
  3. Enter a date that comes before the oldest transaction in the account. This will be the opening balance date.
  4. On the first row of the Account column, select the dropdown menu to choose the account you want to enter the opening balance for.
  5. Add a note in the Description field. This way, you know what the journal entry is for.
  6. On the second row of the Account column, select the dropdown and choose Opening Balance Equity.
  7. Use your bank statements to enter the balance of your real-life account on the date you picked as the opening balance. For assets (savings and checking), enter the opening balance in the Debit column on the first row. Then, enter the same amount in the Credit column on the second row.
  8. When you're ready, select Save and close.

 

You can also read these articles for more info:

 

I'm also linking this article you can read and learn about managing your accounts: Learn about the Chart of Accounts.

 

Feel free to swing by anytime you need help with organizing your Chart of Accounts, @willem1. I'd be happy to help.