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Hello there, bquansah-shieldi.
Allow me to share accurate information about uploading opening balances.
The ability to import the opening balances in QuickBooks Online is unavailable. Having the option to upload them directly into the program would be great. However, QuickBooks allows us to manually enter the opening balances for accounts.
Still, our program imports a few details using the Excel CSV file. Here's the sample screenshot:
After you map your spreadsheet fields, you can now import them. For guidance, you can use this article: Import your chart of accounts to QuickBooks Online. After that, enter opening balances for each account.
- Go to the Gear icon.
- Select Chart of Accounts.
- Find your bank or credit card account.
- In the Action column, select the small arrow icon. Then select Edit.
- Choose when you want to start tracking your finances. In the Balance field, enter the amount in the account, and determine the as of date. Enter today's date if you want to start tracking immediately.
- Select Save and Close.
If there are transactions associated to the account, we are required to record a journal entry for the opening balance.
Visit these articles for more tips and information about opening balances, comparing the Balance Sheet report to other reports, and reconciling accounts:
- What's an opening balance?
- Run a Balance Sheet report in QuickBooks Online.
- Reconcile an account in QuickBooks Online.
If you have additional questions about tracking balances in your accounts, please don't hesitate to add another post below. Take care and stay safe.