If this is a bank account, enter the amount in the Deposit column.įinally, if this an asset, liability, or equity account, enter the amount in the Increase column. Only the principal's user ID (Primary Admin User ID) can make change requests to update the DDA (Direct Deposit Account) on file. Also, add the date you want to record for the opening balance. For the security of your account, here are some guidelines: Users with Full Admin access can see and change info in your account profile. Add a transaction to the register with Opening Balance Equity as the description. If you never added an Opening Balance Equity entry in your account’s register, you’ll need to add one. Locate the Opening Balance Equity entry and change it to the correct number. If transactions have already been recorded, you can open the Chart of Accounts and double-click the account to open the register. Then, you can enter the correct opening balance.
In cases where you entered an incorrect amount and did not record any transactions yet for that account, you can simply edit the account from the Chart of Accounts. If you entered the wrong amount or never added an opening balance to one of your accounts, it’s not too late to make changes. For example, if you have $5000 in a savings account when you start using QuickBooks, you enter that as your opening balance when you create the account. The opening balance is the amount of money or value of an account when you start using QuickBooks.
