The recording of opening balances mainly begins at the beginning of a new accounting year. However, there are two different methods following which you can create an opening balance. Here, we’ll discuss how to record opening balance in QuickBooks at the beginning of the Accounting Year:

• Choose Journal type Opening Balances in Journal Entry.
• Choose the desired period, accounting year and date. If you, for example, have created a new company database and wish to enter opening balances as per 1-4-2007 you choose period 1, accounting year 2007 and date 01-04-2007.
• Begin by entering the balances on the debit side. This debits the accounts 1000 to 1999.
• After registering the debit balances, use accounts 2000 to 3999 to enter the credit balances.
• Transfer the balances to the General Ledger by clicking on the transfer button.

If any query regarding how to record opening balance in QuickBooks persists, feel free to give us a call on our helpline number 855-856-0053 and take our expert’s assistance.

This sets a new starting point and prevents QuickBooks from counting transactions twice.

Go to Settings ⚙ and select Chart of accounts.
Locate the account and select View register.
Find the opening balance entry.
Select the opening balance entry.
Edit the date, then the amount.
Select Save.

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Peter

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