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Account cash at bank and in hand open balance entry

Forum|Forum|6 years ago
May 27, 2020
2 replies
12 views

Hello!

I have an account just with expenses and now I passed these expenses to a barter account. So I want to close this first account and I need to put it on zero (now I have a negative value). For me to do an open balance entry I need an credit and one debit. I search a lit bit and I saw someone saying that we need to put the value of the balance in debt and in credit I need to choose Opening Balance Equity in the Account column, but I don't have this option.

QuickBooks Online

Best answer by GeorgiaC

Hello Rita,

Thanks for your post. If you don't see an account for Opening Balance Equity, you can create this by going to Accounting > Chart of Accounts > New.

Select the account type as Equity, the detail type as Opening Balance Equity, and re-name this if you wish on the right-hand side. Once saved you'll then be able to select this account on the journal entry. 🙂

G

GeorgiaCAnswer

Level 13

Hello Rita,

Thanks for your post. If you don't see an account for Opening Balance Equity, you can create this by going to Accounting > Chart of Accounts > New.

Select the account type as Equity, the detail type as Opening Balance Equity, and re-name this if you wish on the right-hand side. Once saved you'll then be able to select this account on the journal entry. 🙂

R

RitaSPLAuthor

Thank you, Georgia! :)

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