Question

When should a beginning balance be used for a new account, and what date should be used for the beginning balance? using QuickBooks

Answer 1

You can easily enter an opening balance for an existing account by creating a journal entry to offset the Opening Balance Equity.

For assets and expense accounts, QuickBooks Online debits the new account and then credits the Opening Balance Equity account.

Use journal dates for recording the beginning balances.

For liabilities, equity, and income accounts, QuickBooks Online credits the account and then debits the Opening Balance Equity account.

For accounts with a register, once you have entered the beginning balance, you need to mark the transaction as reconciled