Trying to adjust the opening balance on a bank account with a journal entry. How do I make it a credit ?

Bank account balanced, then had to delete from another account, now bank account shows those amounts out. should I make a journal entry to correct or just a misc. deposit


Hello there, elainemcardinal,

Let's adjust the opening balance of your bank account to ensure your books are accurate and up-to-date.

To change the account opening balance, follow the steps listed below:

  1. Go to the Gear icon at the top.
  2. Under Your Company, select Chart of Accounts.
  3. Locate the account.
  4. Under the Action column, click on the drop-down menu, then select Run Report.
  5. From the Report period drop-down list, select All Dates, then click Run report.
  6. Select the earliest deposit posted that is noted as Opening Balance in Memo/Description field to open the Bank Deposit window.
  7. In the Add funds to this deposit section, click the amount in the Amount column for the Opening Balance Equity entry.
  8. Click Save and close.

Please see the attached screenshots for your guidance.

You can go through this article for additional information: How to change the opening balance of a bank account.

For the journal entry on the other hand, you can create a journal entry that debits your bank account and credits the Opening Balance Equity. 

Upon sharing these suggestions, I still encourage consulting with your accountant first before making any changes in your QBO account. He/she might have specific instructions about how to properly handle journal entries.

You can now adjust the opening balance of your bank account. If you need more help with this, please let me know by leaving a comment below.

Was this answer helpful? Yes No
IntuitMaryLand , Community Support Specialist
Employee SuperUser

No answers have been posted

More Actions

People come to QuickBooks Learn & Support for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Qb community
Looking for advice from other business owners?

Visit our QuickBooks Community site.