I am trying to change the opening balance to a negative balance for a credit card and it keeps telling me I need to check my account type (opening balance equity) should I be using a different account type
Hello there, @Lorali45. I'm here to help you change the opening balance of the transactions in QuickBooks Online (QBO).
The Opening Balance Equity account is where QBO tracks all the opening balances for all of your accounts. It's a default account and you can only edit its name if needed.
Regarding your concern, checking this account will help us determine how you can change the opening balance. Here's how:
If you see an opening balance entry, you can proceed in changing the amount. Refer to the steps below.
If you don't see an opening balance, follow Step 2 of this article to enter it: What to do if you didn't enter an opening balance in QuickBooks Online.
You can also check this link for an additional guide to adding an opening balance: Enter an opening balance for an account in QuickBooks Online.
It's also recommended to reconcile your account in QBO to ensure they match your real-life credit card statement. For detailed instructions, read this page: Reconcile an account in QuickBooks Online.
If you have any other concerns managing your bank account in QuickBooks, please don't hesitate to leave a reply below. Have a good one and stay safe.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
For more information visit our Security Center or to report suspicious websites you can contact us here