Welcome to QuickBooks Community, 3001,
I'm here to help record a bank opening balance. Let's start by making sure there isn't an opening balance on your register. It won't show up on the reconciliation page if the entry is already on the "R" status.
Hence, you'll want to double-check your entries first. Here's how:
- Go to the Accounting menu, then select Chart of Accounts.
- Find the account and select Account history from the Action column.
- 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 there's an opening balance under "R" status, then you can clear it by tapping the field until it's blank.
If there isn't an entry, you can create journal entry. Let me show you how it's done:
- Select + New.
- Select Journal entry. .
- Enter a date that comes before the oldest transaction currently in the account. This is your new opening balance date.
- On the first line, select the account you want to enter the opening balance for.
- Use your bank statements to enter the opening balance.
- It should be the balance for your real-life account on the opening balance date.
- On the second line, select Opening Balance Equity in the Account column.
- Write a note in the Description field so you know what the journal entry is for.
- When you're ready, click Save.
To learn more about this entry, check out the What to do if you didn't enter an opening balance link for more details.
After that, you can start reconciling your bank account in QuickBooks.
Upon sharing this, I still suggest consulting with your accountant. Any changes to your bank account will affect its balance.
Should you need anything else, don't hesitate to click the Reply button below. I'm always right here to help.
