Can I change an account opening balance on a bank account?

1 Answer(s)

    Yes! you can change account opening balance on a bank account by simply using these given steps:

    If you did a wrong entry for the opening balance, then you can find the entry in the register to edit it or run an Account Quick Report.

    • Click on the Gear Icon and then move to the chart of Accounts.
    • Search the account name.
    • press the drop-down arrow next to the right of the account name and then click the report.
    • Edit Transaction Date, which is on the left of Funnel. And change to all dates.
    • Then you will get the Deposit posted at the earliest date with a Memo/Description of Opening Balance.
    • Press on the entry to open. That would take you to the Bank Deposit.
    • Click on the save option to save it.

    If you did a wrong entry of your opening balance, then you have several options to rectify them.

    • Do a deposit in your bank account and then select the opening balance equity as the offset account.
    • Prepare a journal entry of your bank account, which helps in the credit and debt-equity balance of your account.
    • Choose a new account, enter some opening balance in it and merge the previous account with it.

    I think it the simplest solution, to get you opening balance with your bank account. The only thing you should have to do is merge both the bank account as I discussed earlier.

    when you connect your bank account with the QuickBooks online system for the very first time, you will get the option to download transactions going back 90 days. This process will pull all the transactions from the website server of the bank account.

    The first entry on the bank register will be of opening balance and sometimes it gets reconciled by default. If you are trying to use the historical transactions either manual or by using web connect, then your bank register entries will go back more than 90 days. For better results, you will have to delete the opening balance entry created by the QuickBooks online bank admin and enter the opening balance from the date of commencement of your historical transaction method.

    Q: Is my online application secure?

    The security of your own data and your online financial exchanges are of most extreme significance to HSBC. we keep up severe security standards and methods to prevent unapproved access to your information, including 128-Bit SSL Encryption, Internal Systems encryption, and firewalls.

    I hope this will help you. If not then visit our QuickBooks help page or talk to our Intuit certified QuickBooks ProAdvisor at our toll-free number +1-855-441-4417.

    Answered on June 25, 2019.
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