Level 2

Opening Balance Equity Question

Hello,

 

I created the books for a company in QBO a few months ago. I now notice that a balance remains in the Opening Balance Equity account. The balance represents the balance on the company credit card at the time the books were moved to QBO. That balance has long been paid off and recorded in QBO by way of a transfer from bank account to credit card account. What is the proper way to clear the balance remaining in the Opening Balance Equity account?

 

Many thanks

 

Peter

Solved