When setting up a bank account, QuickBooks Online lets you enter the bank's opening balance. Having the correct bank opening balance recorded is important in maintaining accurate financial reports.

Here's how to record an opening balance when setting up your bank. If you already set up your bank without an opening balance, below is a quick workaround for entering the amount.

Enter an opening balance when you first set up your bank account

  1. Select the Gear icon at the top.
  2. Under Your Company, choose Chart of Accounts.
  3. At the top right, select New.
  4. Choose the account type, then fom the Detail Type drop-down, choose Transaction or Savings (or whichever is applicable).
  5. In the Name field, enter the name of the account, or the name of the bank.
  6. Enter in the appropriate information for the opening balance and the date as of.
  7. Select Save and Close.

Enter an opening balance after your bank account was set up

Step 1: Record the opening balance as a bank deposit

  1. Select the Plus icon (+) at the top.
  2. Under Other, choose Bank Deposit.
  3. From the Account drop-down, choose the bank.
  4. In the Date field, enter the actual date the money was deposited to your account.
  5. Leave the Received From column blank.
  6. In the Account column, choose Opening Balance Equity.
  7. In the Amount column, enter the opening balance amount.
  8. (Optional) In the Memo field, you can enter "Opening Balance."
  9. Select Save and Close.

Step 2: Mark the opening balance as reconciled in the register

  1. Select the Gear icon at the top, then Chart of Accounts.
  2. Find the bank account the money was deposited to, then select View Register (or Account History).
  3. Find and select the Opening Balance entry.
  4. In the Check mark (✓) column, select the highlighted box in the image below, until R appears.
    Note: The letter R means the transaction has been reconciled.
    User-added image
  5. Select Save.