How To Change Opening Balance In Quickbooks Desktop?

How to Change Opening Balance in Quickbooks Desktop

Quickbooks Desktop is a popular accounting software for small businesses. It allows you to track your income and expenses, create invoices, and manage your taxes. One of the most important things to do when setting up Quickbooks is to enter your opening balance. This is the amount of money that you had in your business at the beginning of the fiscal year.

If you need to change your opening balance for any reason, you can do so easily in Quickbooks. In this article, I will show you how to change your opening balance in Quickbooks Desktop.

I’ll start by giving you a brief overview of the process. Then, I’ll walk you through the steps in detail. By the end of this article, you’ll know how to change your opening balance in Quickbooks Desktop like a pro.

Step	Action	Explanation
1	Open QuickBooks Desktop.	Click the File menu and select Open Company.
2	Select the company file you want to change the opening balance for.	Click the Open button.
3	Click the Edit menu and select Preferences.	Under the Company section, click the Accounting icon.
4	Click the Opening Balances tab.	Enter the new opening balance for each account.
5	Click the OK button.	The opening balances for your accounts will be updated.

When you first set up QuickBooks, you’ll need to enter your company’s opening balance. This is the amount of money that your business had in its bank account at the beginning of the fiscal year.

If your opening balance is incorrect, it can affect your financial reports and your taxes. That’s why it’s important to make sure that your opening balance is accurate.

This guide will show you how to change the opening balance in QuickBooks Desktop.

Step 1: Open the QuickBooks Desktop software.

To change the opening balance in QuickBooks, you’ll need to open the software.

1. Click on the Start button and type “QuickBooks”.
2. Click on the QuickBooks icon to open the software.

Step 2: Click on the “File” tab and select “Accounting”.

Once you’ve opened QuickBooks, you’ll need to click on the “File” tab and select “Accounting”.

This will open the “Accounting” menu.

Step 3: Click on “Company Information”.

In the “Accounting” menu, click on “Company Information”.

This will open the “Company Information” window.

Step 4: Click on “Edit”.

In the “Company Information” window, click on the “Edit” button.

This will open the “Edit Company Information” window.

Step 5: Enter the correct opening balance.

In the “Edit Company Information” window, enter the correct opening balance in the “Opening Balance” field.

The opening balance should be the amount of money that your business had in its bank account at the beginning of the fiscal year.

Step 6: Click on “OK”.

Once you’ve entered the correct opening balance, click on the “OK” button.

This will save the changes and close the “Edit Company Information” window.

Step 7: Verify the changes.

To verify the changes, click on the “Reports” tab and select “Company & Financial Statements”.

This will open the “Company & Financial Statements” menu.

Click on “Balance Sheet”.

This will open the “Balance Sheet” report.

The “Balance Sheet” report will show the correct opening balance.

This guide has shown you how to change the opening balance in QuickBooks Desktop.

By following these steps, you can make sure that your opening balance is accurate and that your financial reports are correct.

Step 3: Click on the “Open Balance Sheet” button.

After you have selected the company file you want to change the opening balance for, click on the “Open Balance Sheet” button. This will open the Balance Sheet report.

Step 4: Enter the new opening balance for each account.

To change the opening balance for an account, double-click on the account name. This will open the Edit Account window.

In the “Opening Balance” field, enter the new opening balance for the account.

Click on the “OK” button to save your changes.

Repeat this process for each account that you need to change the opening balance for.

Once you have finished changing the opening balances for all of the accounts, click on the “Close” button to close the Balance Sheet report.

Your changes will be saved automatically.

You can verify that the opening balances have been changed by viewing the Balance Sheet report again.

Here are some additional tips for changing opening balances in QuickBooks Desktop:

• If you are changing the opening balance for a balance sheet account, you will also need to change the opening balance for the corresponding income statement account. For example, if you are changing the opening balance for the Accounts Receivable account, you will also need to change the opening balance for the Sales account.
• If you are changing the opening balance for a liability account, you will also need to change the opening balance for the corresponding asset account. For example, if you are changing the opening balance for the Accounts Payable account, you will also need to change the opening balance for the Cash account.
• If you are changing the opening balance for a retained earnings account, you will also need to change the opening balance for the corresponding equity account. For example, if you are changing the opening balance for the Retained Earnings account, you will also need to change the opening balance for the Common Stock account.

By following these steps, you can easily change the opening balances in QuickBooks Desktop.

How do I change the opening balance in QuickBooks Desktop?

1. Go to the Accounting menu and select Preferences.
2. In the Preferences window, click the Accounting icon.
3. In the Accounting section, click the Company Information tab.
4. In the Opening Balances section, enter the desired opening balance for each account.
5. Click OK to save your changes.

What happens if I change the opening balance?

Changing the opening balance will affect the financial reports for the current year and all future years. Be sure to make a backup of your QuickBooks data before making any changes.

Can I change the opening balance for a specific account?

Yes, you can change the opening balance for a specific account by following the steps above. However, keep in mind that this will only affect the financial reports for that account. If you want to change the opening balance for all accounts, you will need to follow the steps in the first question.

What if I make a mistake when changing the opening balance?

If you make a mistake when changing the opening balance, you can simply undo your changes by clicking Ctrl+Z. You can also restore a backup of your QuickBooks data if you need to.

Can I use a different date for the opening balance?

Yes, you can use a different date for the opening balance. To do this, simply change the date in the Opening Balances section of the Company Information tab.

What if I want to change the opening balance for a previous year?

To change the opening balance for a previous year, you will need to create a new company file for that year. You can then import your data from the current year into the new company file. Once you have imported your data, you can change the opening balance for the previous year.

I’m still having trouble changing the opening balance. Can you help me?

If you’re still having trouble changing the opening balance, you can contact QuickBooks support for help. You can find contact information on the QuickBooks website.

In this article, we have discussed how to change the opening balance in QuickBooks Desktop. We covered the following topics:

• How to find the opening balance in QuickBooks
• How to change the opening balance for an account
• How to change the opening balance for a company
• How to make sure your opening balances are accurate

We hope this information has been helpful. If you have any other questions about QuickBooks, please don’t hesitate to contact us.