Let's correct your opening balance in QuickBooks, Scottybeth.
Here's how you can change or update the opening balance for an account.
I posted an entry to get the outstanding balance in an account for a LOC. I created the account in my Chart of Accounts. When I posted the GL entry I posted 10,000 as a Credit to the LOC and 10,000 off setting entry to an Uncategorized Expense account. Is this correct.
Hi there, VK66.
The opening balance on your credit card statement is the total amount of all the recorded bank transactions at the beginning of the statement period. If you have an outstanding balance and there's no payment applied, then the beginning balance is not equal to zero.
However, the beginning balance is zero once you reconcile your Credit Card (CC) statement every month including the last month's payment from your CC account.
If QuickBooks Online beginning balance doesn't match your CC statement, you can follow the steps in this article to fix the discrepancy: Fix an opening balance to match a bank statement.
For more details about beginning balance discrepancies, you can check out this article for your guidelines: Beginning balance discrepancies.
Feel free to reply to this post if you have additional questions. I'll be here to help.
Thank you in advance.
I started using a Mortgage Payable account with a journal entry for a transaction - but how do I get my opening balance on the account AFTER I have posted a transaction to it?
Thanks for joining this conversation, @The Bufster.
If you haven't entered an opening balance after creating the Mortgage Payable account, you can use a journal entry (JE) to record it and then get back to business as usual.
Before we proceed with the steps, I highly suggest consulting your accountant or accounting professional for guidance on which account receives the debit and credit side of the transaction to ensure your books are accurate for your business.
After that, make sure to make the JE as reconciled. This prevents it from showing up on a future reconciliation. Here's how:
For more information, consider checking out this article: What to do if you didn't enter an opening balance in QuickBooks Online.
Please let me know if you have any other issues or concerns by leaving a comment in this thread. I'll be more than happy to help. Have a wonderful day!
Thanks for joining this conversation, @PatCarol. It would be ideal if you have the correct beginning balance before reconciling to avoid discrepancies.
Follow these steps below to update the opening balance:
For future reference, read through this article: Reconcile an account in QuickBooks Online. It guides you with the proper way of matching your bank or credit card statement to balance with QuickBooks.
Let me know if you have additional questions. We're always delighted to help you more.
I have Quickbooks Online. I tried using the steps below for my credit card account and I am not seeing those items you have listed to select. Please advise on how to correct an incorrect opening balance for a credit card. Thank you very much!
Good morning, @PatCarol.
Thanks for following up with us.
I'll be happy to walk you through the steps of fixing the opening balance for your credit card in QuickBooks Online. Let's get started.
1. Open the Settings and choose Chart of Accounts.
2. Find the account, and click View register.
3. Scroll through the list of transactions and find the opening balance entry.
4. Click on the opening balance equity and edit the amount and enter the correct opening balance.
5. Then hit Save to save your changes.
For more details, check out: Edit an incorrect opening balance.
Also, I'm including another article to help you out if you may have forgotten to enter an opening balance. Check out: What to do if you didn't enter an opening balance in QuickBooks Online.
Please let me know if you have further questions. I'll be here to help you out every step of the way. Take care and have a good one!
When recording the opening balance of your credit card in QuickBooks, you'd want to enter the latest balance in your credit card and follow the date you have opened your account. However, if you're using the account for a while now, you'd want to use the balance from the next bank statement.
You can read through these articles to learn more about managing your open balance in QuickBooks:
Also, you can check this article in reconciling your bank account: Reconcile an account in QuickBooks Online.
Let me know if you have other questions. I'm just around the corner. Have a wonderful day!
I am not able to change the balance field. I have somehow screwed something up majorly. I can't reconcile the beginning balance is way off. I have balanced everything else...checking and other credit card and but i must of done something really wrong
Hello again, Fountain.
If you're trying to edit an opening balance when reconciling an account in QuickBooks Online with your credit card statement, you can consider checking below helpful articles which suits your situation:
The opening balance in QuickBooks needs to match the balance of your real-life bank account for whatever day you pick.
You may also consider checking with your accountant for guidance, for them to check the root cause of this issue.
As always, you can visit the Community again if you have any other follow up questions. I'd be more than happy to answer it for you. Take care.
Thank you for this post! For some reason, my brand new Chase credit card beginning balance was off $30.90 even though it was never reconciled before.
I followed the steps outlined and corrected the opening balanced entry (which shows that it's already reconciled (with the R letter). This looks like a bug with QBO for adding new credit card accounts. After correcting the opening balance by setting it to 0, I'm able to start with an empty beginning balance now!