How do I apply a Class or a Location Tracking to a Bank Transfer transaction? I need to run Balance Sheet by Class/Location.

When you do a transfer transaction using Bank Transfer Form (Create + sign > Other > Transfer), transferring funds from one account to another, you do not see a field where you can apply a class and a division on the transaction. This may be very critical data to run reports.

If this information is very important for business, you will need to write a Journal Entry. In Journal Entry Form, you can enter Class and Location.

Note: You need PLUS level subscription for Class and Location tracking features.

When you write a Journal Entry, if you just use one bank account as debit and another bank account as credit with class and location, it will still not show up on transaction report.

Trick is you still need to add one expense account with zero amount. See attached Journal Entry screenshot photo below.

When one expense account was added along with two bank accounts, the Transaction Report came out okay. It seems Class and Location transaction is mapped to Expense Account only at this time. Built-in Transaction Report will not have Class and Location columns, so you need to customize the report a bit. To customize the Transaction Report > Click Customize button > Select Rows/Column > Select “Change Columns” blue button > Add Location and Class from available columns > Click OK button.

Now, you can also run the Balance Sheet by Class report as well as the Balance Sheet by Location report. With a little bit of available customization steps, of course!

Video Tutorial:

bank transfer form

journal entry with one expense account

transaction report b of a with class

transaction report chase with class

Bank Register Chart of Accounts

My opening balance is incorrect? How do I edit it in new QuickBooks Online?

If the opening balance in one of your Balance Sheet accounts is wrong, you can open the register of that account and correct it from the Chart of Accounts.

From the home page screen:

  1. Go the Company Gear icon (upper right corner) and click Chart of Accounts under Settings.
  2. Highlight the name of the account, then click Register button.
  3. Go to the top of the register, locate to the Opening Balance entry and edit the amount.
  4. Click SAVE. The change will not be saved if you navigate away from the register without saving.

Note:  This Balance Sheet account must be one that you entered an opening balance for when you created it, not continuation of opening balance from prior years.

Chart of Accounts Journal Entry

How do I transfer Opening Balance of Balance Sheet Accounts? What would be the other side of accounting entry?

As a general rule, you will use the Equity accounts for one other side entry.

What you have are a possible two options.

If you are transferring, opening balance from all the Balance Sheet accounts (assets and liabilities), use Opening Balance Equity (under Equity type) account. Opening Balance Equity Account will Net out to zero once all the Balance Sheet accounts are transferred.

If on the other hand, certain opening balance accounts (like bank account) are already transferred, then you will need to review further how and where they were transferred. If you see zero balance on Opening Balance Equity Account, might as well directly transfer to Owner’s Draw or Owner’s Equity Account.

For AR opening balance, you will to reenter customer invoices again. Depending upon your accounting method (cash or accrual basis). In general, you will enter Invoice to Income Account on Cash basis; and on Accrual basis, you will enter other side of entry to Equity Account. Make sure to consult with your CPA Accountant or Tax Accountant. Exactly the same procedure also applies to AP opening balance. Journal Entry will not work.

For Inventory Asset opening balance, you will need to use Product/Services feature to enter inventory value and quantity. Journal Entry will not work.

For other Balance Sheet Accounts, couple of options available are to enter, but writing Journal Entry will also work fine.

For Opening Balance date, I prefer to use ending balance date. For example for 1/1/2014, I like to use Ending Balance date of 12/31/2013. Balance amount is still the same.

Same steps are applicable to Income and Expense accounts, especially you are transferring anytime during the year.


How to get a Balance Sheet Detail report that can be printed as one report in new QuickBooks Online?

Although there is no standard “Balance Sheet Detail” report in new QuickBooks Online, you can run and customize the “General Ledger” report which should reflect exactly like the “Balance Sheet Detail” report if there’s one such standard report.
To run this report, from the home page screen

  • Go to blue navigation bar on the left
  • Select Reports
  • Select “Go to report” (magnifying glass) type General Ledger
  • Select “General Ledger”
  • Click “Customize” button on top left
  • Select “Lists” on the left
  • You will notice “Account” and “All” as default under Lists
  • Select “All Balance Sheet Accounts” under Account drop-down selector
  • Change Report Title from “General Ledger” to “Balance Sheet Detail” under Header/Footer heading
  • Run Report
  • Change Transaction Date as needed
  • Save Customizations button, if like to Customize Reports for permanent use
Chart of Accounts

How to not display deleted bank account (like bank account > deleted) with zero balance on the Balance Sheet (or Profit and Loss) report?

There is no way to permanently delete accounts in new QuickBooks Online. You can make account inactive. That’s all in new Quickbooks Online.

Best solution is to customize Balance Sheet report.

  • Run Balance Sheet
  • Click Customize
  • Click Row/Columns
  • Select Rows = Non-Zero
  • Select Columns = Non-Zero
  • Run Report
  • Save Customizations button and save it as a special report.
  • See screenshot photo for reference.
Customize Non Zero
Customize Non Zero