How to Add, Enter or Edit opening balance in QuickBooks

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How To Add, Enter or Edit Opening Balance In
QuickBooks

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How you can enter or edit opening balance in the
QuickBooks

• When the user creates an account in QuickBooks
  and selects the day and starts to track the
  transaction, after that the user enters the
  balance of the real-life account. That amount is
  known as the opening balance. There are some
  steps to be followed while add, enter or edit
  opening balance in QuickBooks.
• First of all, you have to sign in to your bank
  website or you can get the bank statements.
• After that, you can go to the company menu and
  select the chart of accounts.
• Then you have to right-click on the charts of
  accounts and then select New.
• After that, you have to select a bank account
  or credit card for the account type and then
  click continue.
• Then you have to give the name to your account
  name, if you have multiple accounts of the same
  type then give them a unique name.
• Then you have to fill the rest of the data field.
• After that, you have to select the enter opening
  balance. In case you want to edit your opening
  balance then the button will be changed.

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How to entered as the opening balance

• If you dont want to enter the older transaction
• You have to enter the ending balance and ending
  date from your recent bank account and then press
  ok.
• Now you can start tracking your new transaction.
• If you want to enter the older transaction
• First of all, you have to decide how much back
  you want to go.
• After that select the date of your older
  transaction where you have to track the
  transaction of the QuickBooks. The opening
  balance will summarise everything before the date
  you have picked up.
• After that, you have to enter the date you have
  picked in the ending date field. Then you have to
  enter the balance of your real-life account for
  that date, now select ok.
• Now you have to select the save and close the
  record of the opening balance.

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How to edit an incorrect opening balance

• If you have entered any wrong information in the
  opening balance, you can edit it with the account
  history. Steps to be followed to edit an
  incorrect opening balance.
• First of all, you have to go to the setting and
  then select the chart of accounts.
• After that, you have to locate the accounts, and
  then goto the action column, and select account
  history.
• Then you have to find the opening balance entry.
• After that, you have to select the opening
  balance entry.
• Then you can edit the amount. If it gets
  difficult for you to edit the amount on the
  screen, then in some cases you can edit by
  clicking on the edit icon.
• After that, you have to select save.

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How to enter the balance for credit card and loan
account

• Some of the steps for entering the starting
  balance for a credit card and loan account.
• First of all, you have to go to the transaction
  page.
• Then you have to click add expense.
• Now you have to enter the starting balance on the
  description column.
• Now you have to enter the starting balance date
  in the date column.
• Now you have to go to the account column and
  select the account for which you are setting a
  starting balance.
• Now you have to enter the starting balance amount
  on the amount column.
• Now you have to choose the withdrawal from the
  next drop-down.
• Now select the owners equity in the category
  column.
• Now save the new transaction.

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How to check the opening balance entry

• First, you have to go to the list-menu and select
  the chart of accounts.
• Now you can search the opening balance equity and
  open it.
• Now you have to check the account balance, it
  should be 0.00.
• If you find that the account balance is not 0.00
  then you dont have to worry, you just need to
  write down the remaining balance and then run the
  balance sheet report of the last year.
• First, you have to go to the reports.
• Then select the balanced sheet standards from the
  dates drop-down and select the last fiscal year.
• After that, you have to check the retained
  earning balance.
• At last, you have to compare the retained earning
  balance with the remaining balance of the opening
  balance equity account.

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