Both guides suggest that I go to chart of accounts, accounts history for the account in question, find the opening balance entry and edit the value assigned to it. However when i follow these steps there is no opening balance entry to edit, the only entries that show are the actual account transactions from when the account was first linked with quickbooks online.
Can anyone please help me with a solution for changing the opening balance when the entry isn't available? Can I make a Journal Entry to change it instead? I just wouldn't be sure what to debit or credit for that then
Need to change the opening balance for linked bank account
Hi there, Eugene. I'm here to help you fix your beginning balance so you can proceed with reconciling your account.
Yes, aside from updating the opening balance through the account's register or chart of accounts, you can also use a journal entry (JE) to correct the balance. JE needs an accurate recording especially on the accounts under the Credit and Debit section. Thus, I recommend seeking assistance from your accountant before doing the process. He or she can review your statements and use the accurate posting accounts to fix your account's beginning balance.
Once everything is corrected, you're now ready to proceed with your reconciliation.