Thanks a lot for sharing so much details, reolsen.


Yes, you'll have to enter a journal entry to correct the opening balance equity.


Here's how:

  1. Go to Company at the top, then choose Make General Journal Entries.
  2. Change the date to the correct statement date of your beginning balance (refer to the screenshot below).
  3. On the first line, select the appropriate account from the Account drop-down.
  4. Enter the correct opening balance in the Debit column.
  5. On the second line, select Opening Balance Equity.
  6. Select Save.



Next, do a mini-reconciliation to correct the Beginning Balance.


I’d also encourage you to consult with your accountant for the best advice. This is to make sure the figures in your books are accurate.


Don't hesitate to let me know if I can be of further assistance to you. Take care.