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

Answer

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.

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IntuitMaryLand , Community Support Specialist
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