How to enter opening balance after you did not fill in the first place?

Hello there, georgina-shmc

I'll guide you through the steps on how to enter the opening balance in QuickBooks Online.

But, before you proceed, check your account register to see if you don't already have an opening balance. Like this:

1. Go to Transactions and select Chart of accounts.
2. Find the account and click the Account history from the Action column.
3. Search for an opening balance entry. In the Payee Account column, it should say Opening Balance Equity, and in the Memo column, it should say Opening Balance.

If you see an opening balance entry, don't go further. Instead, use the steps outlined in this link to edit the opening balance: Enter and manage opening balance for an account in QuickBooks Online.

Otherwise, if you don't see an opening balance entry, you can enter it by creating a journal entry.

Here's how:

1. Click on + New.
2. Select Journal entry.
3. Enter a date that comes before the oldest transaction in the account. This will be the opening balance date.
4. In the first row under the Account column, select the drop-down menu to choose the account you want to enter the opening balance for.
5. Add a note in the Description field so you know what the journal entry is for.
6. In the second row under the Account column, select the drop-down and choose Opening Balance Equity.
7. Use your bank statements to enter the opening balance. Enter the balance of your real-life account for the date you picked as the opening balance. You'll need to enter both a debit and a credit to keep things accurate. Enter the debits and credits based on the type of account you entered on the first line:
   
   
   • Asset (savings and current) and expense accounts: Enter the opening balance in the Debit column in the first row. Then, enter the same amount in the Credit column in the second row.
   • Liability, equity, and income accounts: Enter the opening balance in the Credit column in the first row. Then, enter the same amount in the Debit column in the second row.
   • Accounts Payable: In the first row in the Name field, select the supplier you owe money to. Enter the opening balance as a credit to increase the balance. Or enter the opening balance as a debit to decrease the balance. Then, enter the same amount in the opposite column in the second row.
   • Accounts Receivable: In the first row in the Name field, select the customers who owe you money. Enter the opening balance as a debit if you want to increase the balance. Or enter the opening balance as a credit if you want to decrease the balance. Then, enter the same amount in the opposite column in the second row.
     
     
8. Once done, hit Save and close.

I've added this article for the complete details of the process: What to do if you didn't enter an opening balance in QuickBooks Online.

Once you fix your opening balance, be sure to check out this future reference to learn how to reconcile your accounts: Reconcile an account in QuickBooks Online.

Let me know if you still have follow-up questions or other concerns about the opening balance. I'll be checking your response in this thread.