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: Go the Company Gear icon (upper right corner) and click Chart of Accounts under Settings. Highlight the name of the account, then click… Continue reading My opening balance is incorrect? How do I edit it in new QuickBooks Online?
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… Continue reading How do I transfer Opening Balance of Balance Sheet Accounts? What would be the other side of accounting entry?