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How do I change an account opening balance in QuickBooks Online

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How do I change an account opening balance in QuickBooks Online

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  1. If you entered an incorrect opening balance or did not enter an opening balance, you can do one of the following:  If you entered the wrong opening balance, you can either find that entry in the register to edit it, or run an Account QuickReport.  Choose the Gear icon and click Chart of Accounts.  Find the account name.  Click the drop-down arrow to the far right of the account name and click Report.  Change Transaction Date by clicking on the Funnel on the left, and change to All Dates. Click Run Report.  Find the Deposit posted at the earliest date with a Memo/Description of Opening Balance.  Click on the entry to open it. This will take you to the Bank Deposit.  Change the dollar amount and/or date.  Click Save. QuickBooks Online help number

  2. If you did not enter any opening balance, you have several options:  Make a deposit  Make a journal entry  Create a new account and merge Perhaps the simplest solution is to create a new bank account with the correct opening balance and start date, and then merge the old bank account into the new bank account. It is critical that the existing bank account be merged into the new bank account. QuickBooks Online Support phone Number

  3. When you connect QuickBooks Online with your bank account for the first time using Add Account you will be allowed to download transactions going back 90 days. This process will pull over all the transactions from the bank's web site during that time period and enter an Opening Balance on your bank account which will also affect Opening Balance Equity. Contact QuickBooks Online

  4. This Opening Balance is the first entry on the bank register and by default it is marked Reconciled. If you are going to enter historical transactions either by manual entry or by using Web Connect so your bank register entries go back farther than 90 days you will need to delete the Opening Balance Entry created by QuickBooks Online Banking Admin and enter the opening balance for the date you are starting your historical transactions using the method described above and then move forward with your data entry. QuickBooks Online help number

  5. For further knowledge or Queries, Kindly visit to QuickBooks Online customer Service

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