As we all are aware of the QuickBooks accounting software is being used by many business owners for financial and accounting purposes. If you are working with QuickBooks for a long time, you must be familiar with the opening balance. If not, there is nothing to take stress about. In case, you are uploading the desktop QuickBooks data file to QuickBooks Online, then you need to set up the change opening balances in QuickBooks Online. You are required to create the Opening Balance in QuickBooks Online to add the bank account for transferring the money to the employee, vendors & customers. Later on, it would be difficult to change the opening balance in QuickBooks so make sure to fill in the correct data at a time.
If you have done a mistake while entering the opening balance and looking for the steps to change opening balance in QuickBooks online, then stay connected with us via the following post. First of all, we would like to tell you about the opening balance in QuickBooks.
What is The Opening Balance?
The opening balance is carried forward at the starting of an accounting period from the end of a previous accounting period. Or, It is several funds in the account of a company at the starting of a new accounting year. The opening balance should be recorded as the first entry in a book of accounts.
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In a business, the ending year is considered as the opening balance of the next month or a new accounting year. You can enter the opening balance as both sides of the ledger.
How To Change The Opening Balance in QuickBooks?
Sometimes, you might be entered the wrong amount of the Opening Balance in QuickBooks Online. Due to this, you may get stuck in a big issue while working with your bank account in QuickBooks. But, you don’t need to worry at all. You can edit the opening balance by following the steps written below:
- Firstly, you need to click on Settings and choose Chart of Accounts.
- After that, locate the account and click on the action column.
- And then, you are required to select the Account history.
- Search for the opening balance entry and choose it.
- Then, you have to correct the amount by choosing the Edit option.
- Choose Save to save the recent changes.
- Finally, check whether the opening balance has been changed or not.
Overall, the aforementioned steps to change Opening Balance in QuickBooks have proved to be fruitful for you. Sometimes, QuickBooks users will be unable to enter the opening balance correctly in QuickBooks Online that leads to a big issue for the business. And, we know an opening balance is brought forward to the next accounting year while starting any firm. In case, you are unable to change the opening balance or want some other assistance, immediately talk to our QuickBooks experts by dialing toll-free QuickBooks Support Phone Number @ 1-855-857-0824. So dial our number today to get instant assistance!
Complete Discussion on QuickBooks Online Desktop App
Frequently Asked Questions
Ans: The following are the steps to edit bank, credit, and other balance sheet accounts in QuickBooks Online
1. The first step is to choose the Chart of Accounts from the Company menu.
2. After that, click on New under the new window.
3. Click on account type: Bank or Credit Card.
4. You are required to enter all the required details.
5. And then, choose Enter opening Balance.
6. Write down the date and ending balance from your credit statements.
7. Finally, select Save & Close.
Ans: Below written are the steps to correct bank balance in QuickBooks Online:
1. Firstly, choose the Banking menu and select Reconcile.
2. After that, you are required to select the Account drop menu.
3. Then, choose the Ending Balance field and write down the correct ending balance.
4. Finally, choose all the items under the Deposits and Other Credits that match your bank account statements.
Ans: Follow the steps to write off a credit balance:
1. Go to the Customers menu and choose Receive Payments.
2. After that, select the customer name under the Receive Field.
3. Choose the invoice that you want to write off.
4. Click on Discount & Credits and choose Save & Close.
Ans: By reconciling your accounts in QuickBooks, you can be making sure all transactions have been recorded in QuickBooks. You are required to reconcile your bank accounts, loans, credit cards & all liability accounts.
Ans: First of all, write down the date and amount of the previous transactions in the account. After that, use the bank account transactions and make sure the opening balance is correct.