How to enter Opening Balance in QuickBooks Online

[@user-zw2cy2yj5k]

You are a great gem for quickbooks online learners. there are some tutor out there who hide some aspects to sell their services but you nail it in a great way and i hope will always. Thank you

[@CandusKampfer]

Oh my gosh, thank you so much! We love hearing this. 🙏🏻 If you haven't already joined our weekly QB Tips & Tricks, click here to join and we'll send you our tips straight to your inbox: canduskampfer.com/weeklytips Have an amazing day! Ednalyn ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/

[@johntrafford9427]

Thank you Candus. Beautifully clear and simple. Just moving from an old accounting platform to QB and this was extremely useful.

[@CandusKampfer]

Hi John, Thank you so much! We love hearing this. 🙏🏻 If you haven't already joined our weekly QB Tips & Tricks, click here to join and we'll send you our tips straight to your inbox: canduskampfer.com/weeklytips Have an amazing day! Kindra ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/

[@amiebrown6361]

Thank you so much!

[@CandusKampfer]

Hi Amie, Thanks for reaching out. I'm so glad you enjoyed our tutorial! If you’d like to learn more about how to optimize QuickBooks for your business, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus

[@beachblaire722]

aspiring bookkeeper here thank you for this video. I am now a new subscriber

[@CandusKampfer]

Hi Beach Blaire Glad it helped you. Have an amazing day! Ednalyn ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/

[@user-ts7bm9kl2n]

Wonderful

[@kylesmith2836]

Hi Candus- great tutorial! I have a slightly different question. I connected my bank account before understanding that I needed to set the account up on QBOnline as you have demonstrated. How can I go back to the start date and make the correcting entry? Thank you!

[@CandusKampfer]

Hi Kylie, Thank you for watching our video. If you're interested in more in-depth training on how to properly set up your account and make the correcting entry, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus

[@nekeol]

Love you 😍 💗 💓

[@JamieWardHD]

Super helpful. Thanks so much for this! I've just started with QBO and I'm entering data from my existing company. In addition to the bank account, which you just showed me how to do (thank you), I need to add my credit card account as well. I'm starting everything from 1/1/2024, but my credit card statement closed Dec. 13th. Since I wish to start everything 1/1/24, can I take the balance of the credit card on 12/31, say $1000, add a transaction in the register on 1/1 as opening balance, $1000 and make the payee account Opening balance equity? Or is that not the best way to look at this. Accounting is new to me. Getting started in the right direction is difficult, but the most important step. After that, my normal monthly tasks will be pretty routine.

[@sararoberts6026]

If I am adding a new bank account that 4 partners put money in to to open it, how do I tell it each dollar amount from each shareholder contribution account, in your example you said no this money actually came from this checking account, so in my situation I want to edit it and say 40% came from this person, 15% from this person and so on. Should I already have the capital accounts setup in QB before I add the bank account? New to doing bookkeeping for a partnership, so if you have any videos on that I hope I can find them! Thanks!

[@okivillarreal2577]

Great video but have a question. I did exactly what you said to do and I see this listed under chart of accounts. Under the "Action Column" I see "View Register". When I click on that I see the entry come up. Do I have to click on the green "Reconcile" button in order for this amount to show up in my bank ledger? If I pull up my bank register. I currently do not see the "Opening balance" listed for 12/31/2022. Thanks.

[@CandusKampfer]

Hi, Thanks for reaching out. If you click the "R" in the register it will show up as the opening balance in your reconciliation screen. Yet, this should not impact your bank ledger. If you’d like to learn more about how to optimize QuickBooks for your business, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus

[@okivillarreal2577]

Thank you so much!! @@CandusKampfer

[@johntrafford9427]

I am still struggling with how to create opening balances for Equity and Liabilities. Any pointers would be most useful.

[@CandusKampfer]

Thank you for watching our videos 😊 I will add your question to the list Candus uses to create new QuickBooks tips each month. The best possible way for you to receive support from Candus is to register for and attend her workshop. Here is the link to register to attend: canduskampfer.com/workshop Have a great day! Kindra ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/

[@dianacabrera4291]

Hi Candus, I’m trying to do this for a credit card that a company has had for years and always entered it as a bill which is incorrect. Now using the cc feature and starting to enter transactions in the register, how will the reconciliation be done? The bill gets paid in full every month. I think the beginning balance on this can be entered as 0 right since the bill gets paid every month?

[@CandusKampfer]

Hi Diana, Thank you for watching our video. If you're interested in more in-depth training on how to reconcile and what to enter in your beginning balance, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus

[@normajean5150]

Candus, I have searched far and wide. We brought in the business CC through the bank feeds and classified all the transactions for 2022. We have an opening balance equity total that I know needs classified elsewhere. The balance is carried over from a previous business that was closed but they are still using the card for the new company. Another video said to just delete that entry! So I did that. Now I cannot reconcile because the exact descrepency is that OBE amount that I deleted! When I go to the CC in the COA it does not give me a place to enter an opening balance. So I am thinking I need to JE? Cr the CC account and what is the Dr?

[@CandusKampfer]

Hi Brandi, Thank you for watching our videos 😊 I will add your question to the list Candus uses to create new QuickBooks tips each month. The best possible way for you to receive support from Candus is to register for and attend her workshop. Here is the link to register to attend: canduskampfer.com/workshop Have a great day! Kindra ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/

[@TravisHirkala]

Hi, I don’t know how it’s possible but I don’t have an opening balance in Quickbooks for the chequing account I’m linked to so there is nothing to edit. Is there a way to add it after the fact?

[@CandusKampfer]

Hi Travis, Thank you for watching our video. If you're interested in more in-depth training on this topic, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus

[@MilesandMoneyMatters]

Hello Candus, I enjoy your videos and thank you for sharing your knowledge. I started using QBO and use QBO for my payroll and tax payments. When I ran the payroll in QBO, QBO takes the net payroll from my account and deposits the fund to employees' checking accounts. amount. When the payroll taxes are due I pay them from QBO. Here is my question, instead of using my bank account to pay the taxes I would like to use my credit card to earn points. I am not sure if QBO accepts credit cards but I was thinking to make the payment through EFTPS and then mark the taxes as Paid in QBO. Will this clear the liability? Also, how will I treat the payment that will come through my credit card feed? I appreciate any suggestions. JL

[@CandusKampfer]

Hi JA LAW, I'll make sure your question is added to Candus' list of future Tips & Tricks ideas. If you'd like to make sure you get our weekly tips, you can join here: canduskampfer.com/weeklytips Have an amazing day 😊 Elaine Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: www.pinterest.com/canduskampfer/

[@MilesandMoneyMatters]

@@CandusKampfer Thank you so much.

[@dorislecusay1624]

How to close credit account at the end of the year to start new year

[@CandusKampfer]

Hi Doris, These videos might help you: kzbin.info/www/bejne/q5Krhp15jK5_iq8 kzbin.info/www/bejne/mKfch6arnLNpd6M Have a great day! Kindra ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer Pinterest: pinterest.com/canduskampfer/

[@mohammedkamshyadka7458]

Hi Mam , Why I can’t able to add opening balance in expense ?I expect your reply

[@CandusKampfer]

Hi, Sorry, I'm not completely sure what you mean. Can you please clarify? - Samantha, Team Candus

[@jeffreylbfd]

Hi Candus. Thank you for the video. For clarification - I choose to "Link Account" to add a new bank account, I download a specified date range for my transactions. In my case I choose 01/01/23. I assume it will start automatically with what my balance was on 12/31/22. Is this correct? I am trying do it right the first time. I appreciate your time and help. Sincerely, Jeff

[@CandusKampfer]

Hi Jeffrey, Thank you for watching our videos 😊 The best possible way for you to receive support from Candus is to register for and attend her workshop. Here is the link to register to attend: canduskampfer.com/workshop Have a great day! ~ Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer