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How To Record Opening Balance In QuickBooks? [Updated Steps]

Enter an Opening Balance in QuickBooks

Despite when you begin, it’s essential for your accounts in QuickBooks to match the real-life bank and credit card accounts that you’re tracking right from the day one. While creating a new account in QuickBooks, select a day from which you can track your transactions. Afterwards, you enter the balance of your real-life bank account for whatever day you choose. This amount and start date set the account’s opening balance. If you are wondering what an opening balance is, well, it’s the starting point for the account that summarizes all past transactions in your account up to the opening balance date. Further, to record opening balance in QuickBooks for different account types, you must proceed with the steps listed in the next section of this blog.

Whenever you create a new account in QuickBooks, always select an easy date to begin your opening balance. If you just have recently opened a new account at your bank, then try using that particular date. If you’ve had an account for a while, start your opening balance on the same day as the beginning of your next bank statement. To record opening balance in QuickBooks for a bank, credit card, and other types of accounts, you can proceed with the below-given steps. 

Step 1: Enter an opening balance

Depending on the type of account the opening balance is for, you can follow the below-given steps to record opening balance in QuickBooks:

  1. Bank or credit card accounts
  2. Asset, liability, and other types of accounts
  3. Income and expense accounts

For Bank or credit card & Asset, liability, and other types of accounts

Be sure of what to enter for an opening balance before you proceed to create a new account on your QuickBooks Chart of Accounts. For instance, you can record opening balance in QuickBooks for a real-life bank account that you created recently, or for the one you’ve had for a while.

  • Make sure to get your bank statements or sign in to your bank’s website.
  • Open the QuickBooks Desktop application and go to the Company menu and select Chart of Accounts.
  • Right-click anywhere on your Chart of Accounts and select New> Bank or Credit Card or Fixed Asset, Loan, or Equity depending on the account type> Continue.
  • Now, name your account. 

Note: Make sure to give unique names if you have multiple accounts of the same type or at the same bank.

  • Then, fill out the rest of the data fields and select Enter Opening Balance. 
  • If you want to edit your opening balance due to any reason, select the Change Opening Balance option. 

What you enter as the opening balance depends on how you want to handle your past transactions:

  1. If you don’t want to enter older transactions: Make sure to enter the ending balance and ending date from your most recent bank statement and click OK. It will conclude all your past transactions and thus, you’ll be able to track new transactions going forward.
  1. If you want to enter your past transactions: For doing so, you have to decide how far back you want to go. Thus, select a date that’s older than the oldest transaction you want to track in QuickBooks. Your opening balance will conclude everything before the date you pick. Make sure to enter the date you picked in the Ending date field as well. In the Ending balance field, enter the balance of your real-life account for that date and click OK.
  • Lastly, click on Save & Close to record the opening balance.

For Income and expense accounts

It’s not required for one to record opening balance in QuickBooks for income or expense accounts, as these accounts simply track your earnings and spending.

Step 2: Check the opening balance entry

Once you have successfully record opening balance in QuickBooks, go to your account register and ensure that it’s accurate. Along with that, make sure there is no remaining balance in the Opening Balance Equity account.

  • Go to the Lists menu and select Chart of Accounts.
  • Search and open the Opening Balance Equity account.
  • Further, make sure to check the account balance, as it should be 0.00.

However, if the balance isn’t 0.00, then, note down the remaining balance. Once done, you have to run a Balance Sheet Report for last year.

  • Firstly, go to Reports and click on the Company & Financial option.
  • Then, select the Balance Sheet Standard followed by Last Fiscal Year from the Dates dropdown.
  • Make sure to check the Retained Earnings balance from the Equity section.
  • Finally, compare last year’s Retained Earnings balance with the remaining balance in the Opening Balance Equity account.

It’s great if they match as it signifies that everything is balanced. However, if it didn’t, try to reach out to your accountant. They will help you get your accounts back in balance.

Hopefully, the above-listed steps would have helped you record opening balance in QuickBooks without much trouble. However, if you come across any issue while doing it and need an expert’s help, then we would suggest you to contact QuickBooks Data Service Solutions Helpline Number +1-(855)-955-1942 and reach out to our support team.

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Lily Evans

Lily Evans is a Certified Accountant with Expertise in QuickBooks, Sage and Quicken Accounting Software. Lily has been working with Data Service Solutions for the last 3 years as a QuickBooks Expert and is Helping Accounting software users with their day to day accounting tasks and issues.

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