Glad it was helpful! Thanks for watching our videos. :))
@mohammedehsan55332 жыл бұрын
Beautiful lesson. Appreciated
@AccountingInstruction2 жыл бұрын
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@manniearredondo Жыл бұрын
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
@donnacunningham96332 жыл бұрын
This was super helpful.....Thanks
@AccountingInstruction2 жыл бұрын
Glad it was helpful! Thanks Donna, please subscribe for more. :))
@p1sawhney2 жыл бұрын
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 Жыл бұрын
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
@jacobmason79473 жыл бұрын
very helpful thanks
@AccountingInstruction3 жыл бұрын
You're welcome! Please subscribe for more :)
@Calibri573 жыл бұрын
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.
@hamzaaliliaquat88563 жыл бұрын
Can you explain why did you take the balance from opening equity to the owner's equity.
@kellison772 жыл бұрын
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.