Forgot to Enter Opening Balance in QuickBooks Desktop

What if you forgot to enter opening balance in QuickBooks desktop? Thought of, “NO” don’t worry QuickBooks Help is always there for you to serve you in best possible way. Opening balance is very first entry in your record when a company is first starting up its first accounts. It starts from the specified date you want record to start and end on date you want to end. The starting entry is account’s opening balance entry which concludes all entries before that. Before entering opening balance you must be aware of what to enter in opening balance. Sometimes, while tracking transactions we forget to enter open balance. 

Method 1: Enter an opening balance

Before direct entry in opening balance make sure for the type of account opening balance is for:

• Bank or credit card accounts

Before creating of a new account on your QuickBooks Chart of Accounts, be sure you know what to enter for your opening balance.

• Carry your bank statements or directly sign in to your bank's website.

• In QuickBooks Desktop, click on Company menu and click Chart of Accounts.

• Right-click anywhere on your Chart of Accounts and select New.

• Click Bank or Credit Card for the account type >> Select Continue.

• Name your account. Complete the data fields asked in form.

• Select Enter Opening Balance. 

• If you are not planning to enter past transactions that come before the opening balance date in QuickBooks: 

 Enter the ending balance and ending date from your most recent bank statement. 

 Then select OK. 

• If you are planning to enter your past transactions in detail: 

Choose a date that's older than the oldest transaction you want to track in QuickBooks.

Your opening balance concludes everything before the date you pick. 

Enter the date you picked in the Ending date field. 

In the Ending balance field, enter the balance of your account for that date. 

Then select OK. 

• When you're done, select Save & Close to record the opening balance.

Income and Expense Accounts

In such accounts you need not to enter any opening balance for income and expense accounts because these accounts track our paychecks and expenditures.

Method 2: Confirm the opening balance entry

After entering the opening balance, switch to your account register and make sure it is exact. The Opening Balance account should not have a remaining balance.

1. Click on Lists menu and click on Chart of Accounts.

2. Scroll and open the Opening Balance Equity account.

3. Verify the account balance. It should be 0.00.

If the account balance is not 0.00. Note down the remaining balance. Click on Run Balance Sheet Report for last year.

1. Click Reports and scroll over Company & Financial.

2. Select Balance Sheet Standard.

3. From the Dates dropdown, select Last Fiscal Year.

4. In the Equity section, verify the Retained Earnings balance.

5. Compare last year's Retained Earnings balance with the remaining balance in the Opening Balance Equity account.

Not to worry QuickBooks customer support is always there to assist you. For further assistance feel free to contact us. You can directly contact us at our QuickBooks Customer Support or you can also drop us a mail at support@quickbooksupport.net our team will surely revert you.