Hi there, melissas. Thank you for reaching out to us. Let me provide you with the steps for entering an opening balance after you already created an account to track transactions in QuickBooks.
You have to create a Journal Entry and manually reconcile the transactions.
Here's how:
- Click the + New icon.
- Select Journal entry.
- Enter the opening balance date.
- Under the Account column, select the dropdown menu to choose the account you want to enter the opening balance.
- Add a note in the Description field so you know what the journal entry is for.
- In the second row of the Account column, select the dropdown and choose Opening Balance Equity.
- Use your bank statements to enter the balance of your real-life account on the date you picked as the opening balance. You'll need to enter both a debit and a credit to keep things accurate. Enter the debits and credits based on the type of account you entered on the first row.
After creating the Journal Entry, here are the steps in marking the journal entry as reconciled:
- Go to the Gear icon, then select Chart of accounts.
- Look for the account and select View register from the Action column.
- Find the journal entry you just created. Select it to expand the view.
- Click the box in the checkmark column until you see an R. This reconciles the journal entry.
- Once done, select Save.
I'll leave this article for additional information on what to do if you didn't enter an opening balance in QuickBooks Online.
Additionally, you can check this article to learn what to do if QuickBooks Online doesn't match your bank statement at the end of a reconciliation: Fix issues at the end of a reconciliation in QuickBooks Online
Don't hesitate to hit the Reply button if you have more concerns about reconciling your account. I'm always here to help you out. Take care.
