cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
NEW Connect to DBS IDEAL direct bank feeds Click here
Sheen Solutions
Level 2

My Bank account

The amount in quick books  is less than  my bank.  It is  missing the opening balance  how do I post  it in  quickbooks to let it balance  with my bank.

 

1 Comment 1
katherinejoyceO
QuickBooks Team

My Bank account

Hi there, @Sheen Solutions.

 

I'm here to help ensure that your books are balanced. In QuickBooks Online, we have two different ways to enter a beginning balance. 

 

If you forgot to enter an opening balance when you created the account, you'll need to create a Journal Entry. Let's first confirm that you don't have an opening balance yet to avoid duplicates. Here's how: 

 

  1. Go to the Accounting menu, then select Chart of Accounts.
  2. Locate the account, then select Account history from the Action column.
  3. Search your register for an opening balance. It should have Opening Balance Equity in the Payee/Account column and Opening Balance in the Memo column.

 

If you don't see an opening balance, write down the date and amount of the oldest transaction in the account. Then, follow these steps below to create a journal entry:

 

  1. Go to the + New button, then select Journal Entry.
  2. In the first line, select your bank account.
  3. Enter the opening balance under the DEBIT column, then select Opening Balance Equity in the second line.
  4. Enter the same amount under CREDIT.
  5. Click Save and close.

 

However, if there's an opening balance already, don't create a journal entry. Instead, follow the steps below to edit it:

 

  1. From the Accounting tab, select Chart of Accounts.
  2. Locate the account on the list, then click the drop-down beside View register.
  3. Select Edit.
  4. Enter an opening balance amount in the Balance field.
  5. Click Save and Close.

 

I've also added these articles for more information about opening balance:

 

 

For future reference, read through this article: Reconcile an account in QuickBooks Online. It helps you learn about matching your actual bank and credit card statement to make sure they're balanced with QuickBooks. 

 

Feel free to leave comments below if you have additional questions. I'm around here to help.