Can someone advise as to how to set up an opening balance for rent received in advance?

Hello shesetathompson5!

The advance payments you received are considered liabilities until the income is actually earned. I can help you with recording it.

You'll need a liability account to track the amount of the advance payment. Follow these steps:

1. Go to the Accounting menu and select Chart of Accounts.
2. Select New. From the Account Type drop-down menu, select Other Current Liabilities.
3. From the Detail Type drop-down menu, select Trust Accounts - Liabilities.
4. Enter a name for the account. Tap Save and close.

Once done, you also need to set up an item that you'll use in recording the payment. Then, you can create an invoice or sales receipt for the amount you received. 

You can find the detailed steps here: Record a retainer or deposit.

Also, I included this if you need to connect your bank so you can import your transactions easily: Connect bank and credit card accounts to QuickBook Online.

Get back to this post anytime if you have more questions I can help. Stay safe!