When you first created an account, you may have overlooked entering an opening balance or entered the wrong balance. In this video, I’ll show you how you can change or add an opening balance for an account.
Hi, I’m Shelly King with the QuickBooks for Mac team. Today I’m going to talk about a question several users have asked us and that’s how to change the opening balance for an account.
First of all, I want to talk about what an opening balance is. In a nutshell, it’s the amount of money or the value of an account when you start using QuickBooks. So if you have $5000 in savings account when you start using QuickBooks, you enter that as your opening balance when you create that account.
What happens if you didn’t enter an opening balance or entered the wrong amount? Well, it’s not a problem. I’m going to show you here. I just double-click this account I created to open the register for that account, and you’ll see where I entered $5000 at the top. That’s listed as a deposit from Opening Balance Equity. So to change the amount, all I do is click on the Deposit box and make that change. I’m going to change it to $15,000. I click Record. QuickBooks asks me if I want to make this change, which I do. So now you see that the balance is $15,000 instead of the $5000 I had originally.
So that’s changing an opening balance, but what about the situation when you didn’t enter one at all? That’s the case with this checking account. There’s no opening balance to change. You need to add one. Now, remember from the last example, that an opening balance was a deposit from Opening Balance Equity. So select Opening Balance Equity, then enter the opening balance as a deposit. And that’s it.