How to Change the Opening Balance of a Bank Account in Quickbooks

Did yous accidentally enter the wrong starting remainder when adding a new bank business relationship to Quickbooks? It's important to fix this problem to forbid it from affecting your accounting records. Thankfully, Quickbooks makes changing the opening balance of a banking concern account a quick and easy procedure.

To change the opening balance of your account, log in to Quickbooks, click the gear icon and cull "Nautical chart of Accounts." Next, scroll through your listing of accounts until you lot find the one with the incorrect opening rest. One time you've found it, click the drop-down carte du jour next to the proper noun and choose "Report." Side by side, click the funnel icon on the left and modify the transaction date to "All Dates," after which yous tin proceed to run the report.

This report should provide a listing of all transactions associated with the respective bank account. Scroll all the way to the lesser, where yous should see the opening balance. Clicking the opening rest transaction will open it, redirecting you to the "Bank Eolith" carte du jour. From hither, you can modify information associated with the transaction, including the dollar corporeality and date. Assuming the engagement is correct, you lot only need to modify the opening residual. So, modify the balance then that accurately reflects the actual opening rest of the bank account at the time when yous initially added to Quickbooks. Double check to ensure this information is correct and click "Save" to consummate the process.

On the other hand, if you didn't enter an opening balance when you initially added the banking company business relationship, you lot have one of several options. Y'all can brand a eolith to the account and cull "Opening Balance Equity" for the start account, or you lot can make a new periodical entry that debits the account and credits the Opening Remainder Equity. Alternatively, y'all tin can re-add the bank business relationship to Quickbooks so merge it with the existing business relationship. Either of these three options volition allow yous to accommodate the opening balance so that it accurately reflects the actual rest in your bank account.

While creating a new bank account and merging it with the existing account of the same type is probable the easiest way to change the balance, it'south critical that you actually merge the two accounts. Assuasive the aforementioned account to be used in two instances can crusade bug with your accounting records. Refer to this Intuit article for more data on how to merge accounts.

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