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Level 1

how to input beginning balances for the year

I am a beginner of QB.. I need to set up the beginning balances for my balance sheet account to start with the recording for the current year. How ill I do that?

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QuickBooks Team

how to input beginning balances for the year

Hi there, Rose Jose.

 

Thank you for posting here in QuickBooks Community. I can provide you details on how to set the beginning balances for your balance sheet account.

 

If the account is newly set up and haven't any transactions yet, you'll need to enter the balance of your actual bank account so QuickBooks matches your bank transactions.

 

Here's how to enter an opening balance for accounts you'll create in QuickBooks:

 

1. Click the Gear icon at the upper right corner and choose Charts of Accounts.

2. Select the New button.

3. Follow the steps to create a new account. Select the Account type, and a Detail type and other necessary fields.

4. From the Balance box, enter the amount in the account, and determine the as of date. Enter today's date if you want to start tracking immediately.

5. Hit Save and Close when you're done.

 

For additional information, you can refer to this article: Enter opening balances for accounts in QuickBooks Online. This also contains on how to enter an opening balance for an existing account you already created in QBO.

 

Please check this article for guidance with reconciling your accounts: Reconcile an account in QuickBooks Online.

 

Please know that you're always welcome to post if you have any other concerns. Wishing you and your business continued success.