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Danny56
Level 2
posted
‎January 06, 2021 11:39 AM
last updated ‎January 06, 2021 11:39 AM

How do I create a negative opening balance for my opening balance equity%3F

I have reconciled out of order. I am now working on the correct year, but my beginning balance from my bank statement is negative. I've attempted to change the date and my opening balance, but online I can't figure out how to save it as negative. HELP.

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4 Comments 4
JonpriL
Moderator
Moderator
‎January 06, 2021 02:08 PM

How do I create a negative opening balance for my opening balance equity%3F

Hello @Danny56,

 

Let me help share information about how you can fix the opening balance of your account so you can proceed with the reconciliation.

 

To start with, a negative opening balance can only be saved when you create a new account. With this, you have to review your transaction for the last reconciliation to fix the opening balance of your account for the next reconciliation.

 

This is to make sure your QuickBooks account balance is negative in relation to what is stated with your bank statement. Learn more about your opening balance with this article: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

Additionally, I've also included this reference for a compilation of articles you can use while working with us: Learn the reconcile workflow in QuickBooks.

 

If there's anything else that I can help you with, please let me know in the comments below. I'll be here to lend a hand.

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Danny56
Level 2
‎January 07, 2021 12:05 PM

How do I create a negative opening balance for my opening balance equity%3F

I can't create a new account. I've reconciled 2018, but now need to go back and reconcile 2016 and 2017. The last year I reconciled before we switched to online was 2015. The beginning balance for January 2016 is a negative amount. The amount matches my reconciled amount from 2015. But since I can't transfer from original Quickbooks to online, I am stuck. What do I do?

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Danny56
Level 2
‎January 07, 2021 12:07 PM

How do I create a negative opening balance for my opening balance equity%3F

It should be as simple as changing my opening balance, but since the opening balance for 2015 is a NEGATIVE balance, QB online won't let me apply it. The error says that my opening balance must be at least $0.

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CharleneMaeF
QuickBooks Team
QuickBooks Team
‎January 07, 2021 01:09 PM

How do I create a negative opening balance for my opening balance equity%3F

Allow me to jump in on this thread, Danny56.

 

Since you're unable to create a new account, I recommend contacting our QuickBooks Support. This way, they can further check and investigate the root cause of this issue. Also, they're equipped with tools that can securely look into your file and help you reconcile your account.

 

 

For the old "Help" menu interface:

  1. Click the Help (?) icon at the top.
  2. Choose the Contact Us button.
  3. Type your issue or question on the What can we help you with box.
  4. Proceed with the Let's talk button.
  5. Select the Start messaging option.

For the new Help menu:

  1. Click the Help (?) icon at the top.
  2. Type Talk to a human.
  3. Enter your issue or question on the What can we help you with box.
  4. Choose I still need a human.

 

Additionally, I've added an article that'll help you complete certain tasks in QuickBooks Online to prepare for the new year. This contains information to finish year-end tasks and end the year smoothly: Year-end Guide and Checklist.

 

Get in touch with me if you have other QuickBooks related concerns. I'm available to assist you.

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