How to Record the Opening Balance in QuickBooks?

Opening balance is known as the amount of money in a company’s account in new financial year. In this post, we are going to discuss about the process to record the opening balance in the QuickBooks. An Opening Balance is the amount of money or funds you have for an account during initial setup or at the beginning of your Fiscal Year. This post information the action in getting in or editing opening equilibrium in QuickBooks Desktop.

However, if you require instant support for this – you can get in touch with them at their QuickBooks Help Desk. 

 

Important Tips

·         If you did not have an equilibrium prior to your QuickBooks start date1, you should not get in an opening balance.

·         Remember: Consist of a vendor or customer name in the Name column of journal entrances to accounts payable, accounts receivable, and sales tax payable.

·         If you did not have a balance prior to your QuickBooks begin date1, you must NOT enter an opening balance.

·         Consider utilizing the Opening Balance Equity2 account as the balanced out account to keep the journal access in equilibrium.

Steps to Enter Opening Balance in QB software

·         In the Company menu, hit on to the “Chart of Accounts”.

·         In the pop-up screen, press right-click on the “New”.

·         Select the account type – Bank or Credit Card.

·         Go to the “Add New Account” screen:-

1.       Fill all the require information.

2.      Select the “Opening Balance” button.

3.      Enter ending date & ending balance from the credit card statement or last bank statement.

4.      Choose the “OK”.

·         Hit the “Save & Close” icon.

 

In case, you find any problem with the QuickBooks – you can dial the toll-free support number of ProAdvisors .i.e. +1(800)880-6389.