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Set up an opening balance for a balance sheet account

When you create a balance sheet account, QuickBooks provides you with a field to enter the account's opening balance. If you did not enter the opening balance when you created the account, the manner in which you enter the balance later will depend on whether you have entered any transactions in the account.

Detailed Instructions

To enter an opening balance for an account without transactions:

  1. From the QuickBooks Lists menu, choose Chart of Accounts.
  2. Select the account for which you want to enter an opening balance, and then from the Edit drop-down list, select Edit account.
  3. Enter the Opening Balance and as of date, and then click OK to save the change.

To enter an opening balance for an account that has transactions:

  1. From the QuickBooks Lists menu, choose Chart of Accounts.
  2. Select the account for which you want to enter an opening balance, and then from the Edit drop-down list, select Use Register.
  3. Complete the fields for the new transaction as follows:
    • Date: Date of the opening balance.
    • Number/Type: Leave blank.
    • Payee: (Optional) Type Opening Balance.
    • Account: Choose Opening Bal Equity.
    • Payment or Deposit: Enter the amount of the opening balance in the Deposit field if it is positive, or in the Payment field if it is negative.
  4. Click Record.

Note: Accounts receivable (A/R) and accounts payable (A/P) opening balances are handled differently from other balance sheet accounts. For more information, refer to Setting up opening balances for Accounts Payable and Accounts Receivable accounts.

 

If these steps do not resolve the issue, you can read discussions and post messages and questions relating to your issue on the Intuit QuickBooks Community site for free or you can contact a technical support agent for additional guidance. Fees may apply.

KB ID# HOW12150
11/24/2014 5:22:27 PM
QYPPRDQBKSWS04 9102 Pro 2013 19f31d