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April 21, 2021
Question

Why can i not enter a negative amount as an opening balance in my bank account

  • April 21, 2021
  • 1 reply
  • 0 views
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1 reply

QuickBooks Team
April 21, 2021

I have a few steps to share with you to enter a negative beginning balance, @ivy70stols.

 

In QuickBooks Online (QBO), you can create a journal entry to enter the negative amount.

 

Here's how:

  1. Go to the +New button.
  2. Under Other, click Journal entry.
  3. Under the Account drop-down arrow, choose the bank account and enter the amount on your Credit side.
  4. In the second line choose Opening balance equity and enter the amount on your Debit side.
  5. Click Save and Close.

For more information, you can check this article: Create a Journal Entry in QuickBooks Online.

 

This is to make sure your QuickBooks account balance is negative with what is stated with your bank statement. Learn more about your opening balance with this article: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

Additionally, I've also included this reference for a compilation of articles you can use while working with us: Learn the reconcile workflow in QuickBooks.

 

If there's anything else that I can help you with, please let me know in the comments below. I'll be here to lend a hand.