You must be wondering what is opening balance in QuickBooks? It is the amount of money that is there in the company’s account at the start of the new financial year. It is the first entry that is done after the company’s year-end. There are various ways by which you can enter or edit the opening balance in the QuickBooks Desktop. Go through this blog to know how to record the opening balance in QuickBooks Desktop, or you can even reach out to QuickBooks helpline number to learn more about this in detail.
Few Things to Keep in Mind
- It is advised to connect with the accounting professional before entering the opening balance. Or click on the F1 key and then on the link of ‘Should I enter an opening balance?’ to get detailed information.
- Don’t enter the opening balance when you do not have the balance before the QuickBooks start date.
- You can enter the Opening Balances by using one or more GJE that was created from the Balance Sheet for the previous fiscal year and is done when you start a new company on the date later than the actual one.
Record Opening Balance in QuickBooks
Follow the below steps for recording opening balance in bank or credit card accounts:
- Click on the Chart of Accounts option from the Company menu.
- In this window, you have to the right-click and then select ‘New’.
- Then, you have to choose the account type- Bank or Credit Card option.
- You will redirect to ‘Add New Account’ Screen where you need to:
- You must fill all the required information.
- Click on the Enter Opening Balance button. This button will be available to you if you have not entered any transaction. After entering the transaction, this button will change to Change Opening Balance.
- You need to enter ending the date and ending balance by seeing your credit card statement or the last bank statement.
- Then, you have to click on the OK button.
- In the end, click on the ‘Save & Close’ button.
If you have any trouble recording the opening balance in QuickBooks, you must connect with the experts. You can call QuickBooks customer support to speak with the technicians to avail their help at all hours without any time and location constraints.