Account management
I've got some information to get these funds recorded accurately in QuickBooks, @BoosterMom.
The Starting date & opening balance when setting up an account is the amount of your actual bank account for whatever day you choose to start tracking transactions. You can read this article to learn more: Enter and manage opening balances in QuickBooks Online.
If you aren’t sure about the amounts or still need to check them, you can leave the Starting date & opening balance blank temporarily. The program allows you to skip it and modify the name in the register. Let me show you the steps:
- Select the Gear icon or Accounting menu.
- Choose Chart of accounts.
- Locate the misspelled account.
- In the View register dropdown, click Edit.
- Correct the name and press Save after.
Since making journal entries requires depth understanding of debit and credits, it would be best to contact your accountant. They can provide information about managing liabilities and ensure your funds are tracked accurately in QuickBooks.
If you don’t have an accountant yet, you can visit our ProAdvisor website to find one. Our ProAdvisors can guide you further from technical and accounting perspectives. Just simply enter your city or ZIP code.
Here’s an illuminating guide to learn more about how debits and credits work behind transactions and what to expect when entering them: How accounts are affected by debits and credits.
You can mention me anytime if you have any other concerns or questions about managing non-profit finances. I’ll get back to you as soon as I can. Have a good one and take care always!
