QuickBooks Online 2021 Adjust Opening Balance Equity Accounts 6.85

[@llengyu]

Very helpful, thank you so much!

[@AccountingInstruction]

Glad it was helpful! Thanks for watching our videos. :))

[@mohammedehsan5533]

Beautiful lesson. Appreciated

[@AccountingInstruction]

Glad it was helpful! Please subscribe for more. :))

[@manniearredondo]

Does it matter if the opening balance equity balance is made up of a number of different accounts? Mine consists of my bank cash account, fixed assets, liabilities, and a few partner's pre-existing equity accounts

[@donnacunningham9633]

This was super helpful.....Thanks

[@AccountingInstruction]

Glad it was helpful! Thanks Donna, please subscribe for more. :))

[@p1sawhney]

Is opening balance equity built into QBO or is this a user created account in the chart of accounts? For the checking account register there are different transactions like checks, expense forms etc., but for the opening balance equity there is just journal entry "adjustments". So, this functionality of the particular account is because it's already built into QBO that way, right?

[@mohamudabshir4961]

How do I record a partial payment for a new investment for example paying the first month $50000 and the next month will pay $50000 Opening Balance Equity Quickbooks online

[@jacobmason7947]

very helpful thanks

[@AccountingInstruction]

You're welcome! Please subscribe for more :)

[@Calibri57]

Thanks! Answered my questions! Subscribed. Keep up the good work. As a poor first user, I am still figuring out what QBO is thinking when it surprises me with things like Opening Balance Equity. Seeing the journal entry and balance sheet helped.

[@hamzaaliliaquat8856]

Can you explain why did you take the balance from opening equity to the owner's equity.

[@kellison77]

I am also trying to understand. However think of it like this, a client comes to you and wants you to set ,them up in QBO this client is an establish business and have been in business for 2 years at the end of the month there is a balance of 5k in there bank account, that balance at the end of the month is the beginning of the balance of the month you start doing the bookkeeping that 5k is now the owners equity. You zero out the opening equity balance to credit the owners equity. Using none accounting terms lol - change the nomenclature/change the account. please advise if if am incorrect.