Record QuickBooks opening balance journal entry

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QuickBooks Opening Balance Journal Entry

If you are looking for ways to record your QuickBooks opening balance journal entry, then you are at the right place. This article will enlist you all the steps that you should take to record the opening balance. But before we start, we should know:

Record QuickBooks opening balance journal entry

What is Opening balance?

Opening balance entails o that amount of money which you have in an account during the commencing of your Fiscal Year.

What is the Fiscal Year?

A fiscal year is the time frame that is used for accounting purposes such as creating and recording financial statements for all the transactions that have taken place in that particular time frame.

Note: A Fiscal year may or may not coincide with the calendar year. Therefore the Internal Revenue Service permits companies to either pay the tax as per the calendar year or the fiscal year.

Steps to record QuickBooks opening balance journal entry:

Here are a few steps you should follow to record QuickBooks opening balance journal entry:

  • Firstly launch QuickBooks on your computer.
  • Now please click on the ‘Charts of Accounts’ option.
  • You will see a new window for the ‘Charts of Accounts’ will open on your screen.
  • Right-click anywhere in the blank space of the screen.
  • From the drop-down list choose the option that says- ‘New.’
  • Now you need to choose the ‘Bank Account Type.’
  • Now you will see an ‘Add new window’ on your screen.
  • In the form please fill in all the compulsory fields carefully.
  • Now click on the ‘Open Balance’ tab.

Instructions for the ‘Open Balance’ tab:

  • If you have not submitted any transactions, then don’t worry, you can still submit the opening balance once the account has been set up.
  • If the case is that you have filled the transactions, then a ‘Change Opening Balance’ option will be made available to you on your computer screen.
  1. Here you need to enter the details like ‘Ending Balance’ and ‘Ending Date.’
  2. Once the accurate information has been filled up, carefully re-check it and press ‘OK.’
  • After making the above changes, please click on ‘Save.’
  • Click on ‘Close.’

Side Note:

Unsure about whether you need to enter the opening balance?

You can check if you require to fill in the opening balance by clicking on the link that says- ‘Should I enter an opening balance?’ This link is made available to you when you set up your account in QuickBooks.

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