cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
NEW Connect to DBS IDEAL direct bank feeds Click here
info475
Level 1

What is definition of openning balance equity and how we close in closing year

 
Solved
Best answer September 26, 2019

Best Answers
Rustler
Level 15

What is definition of openning balance equity and how we close in closing year

OBE is a holding account that is used to accumulate the opening balances of the accounts when you set up QB for a company.

After all starting balances are entered, then you close OBE to the equity account with a journal entry

debit OBE
credit owner/partner equity
credit owner/partner equity (if there is more than one partner)

View solution in original post

1 Comment 1
Rustler
Level 15

What is definition of openning balance equity and how we close in closing year

OBE is a holding account that is used to accumulate the opening balances of the accounts when you set up QB for a company.

After all starting balances are entered, then you close OBE to the equity account with a journal entry

debit OBE
credit owner/partner equity
credit owner/partner equity (if there is more than one partner)