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Gerard-Motha
Level 1
posted
‎May 20, 2025 01:51 AM
last updated ‎May 20, 2025 1:51 AM

I need to know how I enter the opening balance to start of QB with inventory ?

Should I enter a opening trial
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1 Comment 1
AdonL
QuickBooks Team
QuickBooks Team
‎May 20, 2025 04:03 AM

I need to know how I enter the opening balance to start of QB with inventory ?

Congratulations on setting up your accounting system, and welcome to QuickBooks Online (QBO), Gerard. Entering beginning balances for each account is an essential step to accurately reflect your business's financial position as you start using QuickBooks. I’d be happy to guide you through it.

 

If you're in the process of creating an account in your QBO Chart of Accounts (COA), here's how you can enter the opening balance:

 

  1. Go to the Gear icon, then select Chart of Accounts.  image (15).png
  2. Click New, then set up your account.
  3. In the Opening Balance field, enter the amount that reflects your bank or credit card account.  image (16).png
  4. Choose the dates to start tracking your finances in the As of field.
  5. You can also add a description in the Description field for more context about this account.
  6. Select Save when done.  

 

On the other hand, if you’ve already created an account in the COA without an opening balance, here’s how to edit it and update the starting date and balance:

 

  1. Go back to the Chart of Accounts.
  2. Locate the account you've created and tap Account history.  image (17).png
  3. Click on the Opening balance option to edit. image (18).png
  4. Update the date and the amount as needed, then select Save.  image (19).png

 

For further information, please refer to this article: Enter and manage opening balances in QBO.

 

Additionally, I'll share these resources to help you get familiar with the key features of QBO and get your business up and running:

 

 

When everything is ready, consider looking at these articles to learn how to categorise your transactions:

 

 

I hope this clears things up for you on how to enter your beginning balances in QBO. If you have any questions or run into issues, please don’t hesitate to post here again. The Community team is here to ensure your QuickBooks journey goes smoothly and successfully!

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