How to Enter Opening Balance in QuickBooks?

QuickBooks offers an easy way to make your financial life easier. You can keep a check on your earnings, savings, and investments on an everyday basis. To know more about this utility, you can get in touch with QuickBooks customer service.

To enter the opening balance in QuickBooks, there are two ways. One is when the company file is being set up on the computer. Another method is using the ‘edit’ option where a pre-dated transaction is entered after some of the transactions have been entered. If you have not entered these transactions in the right way, this can make the reconciliation difficult.

Follow the steps given below or call at the QuickBooks support phone number:

1. While entering answers for some basic questions, the final question will be like ‘Do you wish to add your bank account now?’ Click ‘Yes’ and ‘add new account’ window’ will pop up.
2. Enter a name for your account. If your account has more than one checking account, you can specify which account you are currently creating. Enter the bank account number and routing number. All this information will allow the electronic banking features of QuickBooks to work. 
3. Now, enter the correct opening balance that depends on when this account was opened. You have to choose the month from when you are going to start QuickBooks to reconcile your accounts.
   For example- if you are choosing ‘April’ as the first month, click ‘Enter Opening Balance’ button and enter the statement ending balance from the previous month ‘March’. Enter the last day in March in the ‘Ending Date’ box and click ‘Ok’.
   This will give the month of April a beginning balance and you can reconcile the QuickBooks with the bank statement later.
4. Now, enter the balance on the new bank account but if you have just started using QuickBooks and you have just opened your bank account, enter zero balance as the ending balance. Go with the instructions given and when the bank statement will arrive you will be able to easily reconcile it.
5. You can create credit card, loan and liability balances. Go to the chart of accounts and press ‘CTRL’ and ‘N’ keys. Create an account for a credit card, loan and liability account related to your business. Each of such accounts will be reconciled that will require an opening balance.

This way you can enter the opening balance in QuickBooks. For all sorts of difficulties faced by you, make a call at the QuickBooks customer service Number and the technicians will fix it for you. The tech support facility can be availed from anywhere as the perfect solutions for every technical issue is just a call away.