Nice to see you here in the Community space, Brian Scott.
Let me share some insights about the beginning balance in your balance sheet report in QuickBooks Online (QBO).
The Balance Sheet Report is a cumulative report that carries a beginning balance. It also determines the value of your business (your company's equity) by deducting all the money your company owes (liabilities) from everything it owns (assets): Assets - Liabilities = Equity.
Regarding the beginning balance that shows up in the report, it is the total balance after you have reconciled your credit card. Otherwise, it is the starting balance you've recorded in your bank statement if you still need to reconcile it. Moreover, you'll also see the beginning balance since you've linked your credit card to QBO. To get further details, I suggest reviewing your account register by following these steps:
- Go to Settings and select Chart of accounts.
- Locate the account and select View register.
- Double-check if the total balance matches the beginning balance in your balance sheet.
For more details about this, please refer to this article: Run a Balance Sheet report in QuickBooks Online.
Additionally, you can focus on the details that matter the most to you when you pull up reports in QBO. If you wish to know more about this process, I'd recommend checking out this article: Customise reports in QuickBooks Online.
I'm all ears if you have other questions about managing your reports in QBO. I'm always around to help. Take care!
