Do you want to know How To Enter Opening Balance in QuickBooks? Then you have come to the correct place. QuickBooks software is used across the globe for an account and financial management. Always try to put correct data into QuickBooks because it may become difficult to modify later. This can also result in the failure of reconciliation. We are going to discuss the procedure by which you enter opening balance in QuickBooks. You can also dial QuickBooks Support Phone Number 1888-382-7559 for any type of assistance.
How Do You Enter Opening Balance In QuickBooks?
An opening balance is defined as the amount present in your account during the initial setup or at the start of the financial year. It is very important to put accurate data into QuickBooks. Below we have mentioned the methods to enter the opening balance in QuickBooks. You can dial QuickBooks Customer Service 1888-382-7559 if you need any assistance while performing the below steps:
For Bank And Credit Card Account
- Open QuickBooks and the go to Company
- Select Chart of Accounts.
- In the Chart of Accounts, right-click anywhere in the window and click New.
- Click Bank or Credit Card for the Account Type.
- In the Add New Account screen:
- Fill the information in the required fields.
- Select the Enter Opening Balance If there is no transaction then, the Enter Opening Balance button will be still available after the account setup. When you enter any transaction. it changes to Change Opening Balance button
- Enter the previous balance and ending date from your last bank or card statement before the start date of your QuickBooks.
- Hit Ok
- Click on Save & Close.
For Other Balance Sheet Account
Through the Chart of Accounts
- Click on the Setting icon and click on Chart Of Accounts.
- Right-click anywhere in the Chart of Accounts window and click New.
- Now choose the correct Account
- In the Add New Account screen:
- Type all the necessary details.
- Press Enter Opening Balance
- Now enter the funds of the opening balance and the date. You need to enter the date before your QuickBooks start date.
- Click Ok.
- Press Save & Close.
Using a journal entry
- Open the Company menu and select Make General Journal Entries from the list.
- Type the date and a number for the journal entry.
- Select the Account column and then select or create the account you want to use.
- Enter a positive amount in the account balance in the correct column on the basis of your account type
- Perform the above two steps for each account.
- The total sum in the Debit and Credit column should match when you have entered all the balance.
- Use the Opening Balance Equity account to fill for any difference between the two columns.
- Select Save & Close.
- Now you need to make additional journal entries to enter the balances for the accounts like accounts receivable, accounts payable, sales tax payable, etc which are not included in the first entry.
Through the Register
If there are transactions in the account then you need to open account register to enter the opening balance:
- Press the Settings icon and press Chart Of Accounts.
- Select the account where you have to type the opening balance and from Edit option, click on Use Register:
- For the new transactions fill the information as below:
- Date: Date of the opening balance.
- Number/Type: Leave as blank.
- Payee: (Optional) Enter the Opening Balance.
- Account: Click Opening Bal Equity.
- Payment or Deposit: Enter the fund in Deposit if it is positive, or in Payment field, if it is negative.
- Press Record.
Income and Expense accounts
You cannot enter an opening balance for income and expense account as their funds come from transactions that are used by user like checks, bills or invoices.
How To Edit Opening Balance Bank, Credit Card And Other Balance Sheet Accounts?
- Navigate to the Lists menu and then click on Chart of Accounts.
- Double click the account with an opening balance you want to edit.
- Search the opening balance transaction in the Account register.
- Edit the amount and date, if required.
- Click Record to save the changes.
Technical Support For QuickBooks Issues
You can take help from QuickBooks Customer Support Phone Number 1888-382-7559 if you cannot enter opening balance even after following the above steps. Our technicians will help to fix the issue in Quick time. Our helpline is open 24×7 so that you can get assistance at any time of your requirement. You can also seek support on QuickBooks Live Chat Support from our experts.