Level 9

Banking

Most Accountants do not recommend using Opening Balance Equity transactions, especially if they are current year transactions. Understand that QBO automatically creates these OBE transactions when you connect your bank and credit card accounts.

 

It is better to create the "actual" accounting transactions in QBO. You can replace OBE transactions with a "real" transactions and then reconcile them accordingly. You should connect with your Accountant for guidance here before moving forward.