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emmanuel-parcelh
Level 2
posted
‎August 01, 2021 06:35 AM
last updated ‎August 01, 2021 6:35 AM

For two of my bank acc. synch. with QB (in GBP and USD) there is in the Bank Account History, a Cheque Exp., Opening Balance Equity on the first day. What is it?

On the day I first started to use one of my bank account (which is synchronised with QB), there is an entry in the Bank Account History of Cheque Expense for an amount I don't recognise at all. Payee Account: Opening Balance Equity, Memo: Opening Balance from bank. I have no idea where it is coming from. I have this for only 2 of my bank accounts (one in GBP, one in USD, we report in EUR)
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1 Comment 1
Kristine Mae
Moderator
Moderator
‎August 01, 2021 10:23 AM

For two of my bank acc. synch. with QB (in GBP and USD) there is in the Bank Account History, a Cheque Exp., Opening Balance Equity on the first day. What is it?

Let me share what I know about Opening Balance Equity, Emmanuel-parcelh.

 

Opening Balance Equity is an account in the equity section. We use this account if you enter opening balances for new customers and vendors. Or for opening balances for other Balance Sheet accounts created in the Add New account box. 

 

You can read this article to help you learn more about the account: Understanding the Opening Balance Equity Account.

 

Get back to this thread if you have more questions. We'll be right here to help you. Take care!

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