Welcome to the Community, assal.
I'll gladly share the steps to add an opening balance in QuickBooks Online (QBO).
If you have created an account, you can add this upon creating one. You'll want to follow the steps below to do so:
- Go to the Gear icon and select Chart of Accounts.
- Press the New button to create an account and enter the Name of the account. Then, select the Account Type and a Detail Type.
- Afterward, enter the Opening Balance in the balance field and determine the as of date.
- Once done, select Save and Close.
On the other hand, if you already have the account and want to enter an opening balance. We can still add an opening balance by creating a Journal Entry (JE). Before doing so, ensure the account does not have an opening balance. Here's how:
- Go to the Chart of Accounts.
- Look for the account on the list and select Account history to get more details.
- Find the Opening Balance Entry. It should have an Opening Balance in the memo column.
If there is an opening balance, stop right there and take note of the date and amount. Use your real-life bank statements to ensure that you have the correct balance. Otherwise, write down the date and amount of the oldest transaction in the account.
Afterward, proceed to Step 2: Create a journal entry and Step 3: Mark the journal entry as reconciled in this article to finish the steps: What to do if you didn't enter an opening balance in QuickBooks Online.
Additionally, you can view this article to learn how to enter or edit an opening balance in your company file.
Moreover, you can start reconciling your account to ensure your book is balanced.
Feel free to comment if you have more questions about entering an opening balance of your accounts. I'll make sure to get back as soon as I can. Have a good one!
