How to Change Opening Balance in QuickBooks Online?

by James Antonio

By this time, you also must have become familiar with QuickBooks brand name. This specific QuickBooks accounting software is mainly being used by many business owners for accounting and other financial purposes. It is available in various versions such as QuickBooks online or QuickBooks Desktop and so on. Each version adds something new to the table and all you need to do is to explore it more and more. It mostly will lead you through the prompts and you will know exactly what you are doing even if you are a newbie.

Change Opening Balance in QuickBooks Online

What is the Opening Balance?

Let’s begin with understanding the concept of opening balance. It is a first amount that is carried forward at the starting of a fiscal year or the accounting period from the previous tenure. It should be treated as the very first entry in your account books. From this point you will start counting all your liabilities, expenses and assets, etc.

How to Change Opening Balance in QuickBooks

Being based on simple calculations, at some point, anyone is bound to make a mistake. And, accounting figures are usually huge and need extra attention to it. Though an expert accountant will not be making such mistakes very often, human errors are still a possibility that cannot be ruled out. And, not necessarily, everyone can go for a professional accountant who will not make a mistake which is again not guaranteed.

There will be times, you may enter the wrong amount of the opening balance in QuickBooks Online which will surely change the calculations. Due to this specific issue, you may face a big calculation error while working with your bank account in the QuickBooks account. However, you do not need to worry at all for this as you can easily edit the opening balance by following these steps mentioned as below:

  • First of all, Login to your QuickBooks online account.
  • You need to select the Settings and choose the Chart of Accounts.
  • After this, please look for the specific account and choose the action tab.
  • Then, you need to choose the Account history of the chosen account.
  • Locate the opening balance entry and select it to edit.
  • The selected balance will give you the option to re-enter the amount. You need to enter the correct amount by choosing the Edit option.
  • Click on Save to save the recent done changes.
  • Finally, you need to check whether the opening balance has been updated or not.

In conclusion, these above mentioned steps will ensure that in case there has been a mistake in entering the opening balance then these steps will assist you to correct it. QuickBooks software has been proved to be fruitful to all the big and small organizations. Sometimes, QuickBooks users who do not have in-depth finance knowledge, may end up entering the wrong entry for the opening balance. This issue can lead to a big issue for the business. Moreover, all we know is an opening balance is brought forward to the next accounting year while starting any firm. This amount should be correct. With the help of these steps will enable you to retrace your steps and make it error free.

Even though, the process of editing the opening balance in QuickBooks online account seems easy enough. You still may have some of your doubts or related questions to it. Here we have mentioned some commonly asked questions that will help you further in processing.


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How do you Record a Company Error in a Bank Reconciliation?

In case you have found the errors being made, then, you need to ensure that those recorded errors should be either added or subtracted from the record book of balance. If any particular item is cleared by the bank for lesser amount value in the books, you need to add the amount of the error. If any item cleared the bank for a bigger value than the amount in the books, then you should subtract the amount of the error.

How to Check the Bank Balance in QuickBooks?

QuickBooks online account will give you quick access to your bank and its finance details. Here are the listed steps through which you can check the bank balance in QuickBooks:

Login to the QuickBooks account.
Click on the Gear icon at the right top.
Choose the Chart of Accounts tab visible under Your Company name.
You need to look up the specific account, then you need to open the Account history under the Action tab.
Search the opening balance, now you can choose it to either delete or edit.
If you choose to edit it, it is recommended to ensure that you enter a zero amount as well to fix the opening balance.
Select Save and close.

How do you Fix Reconciliation Discrepancies in QuickBooks online?

In case, you see the discrepancy in QuickBooks online account and your bank statement, please refer to these following steps:

Login to the QuickBooks account.
You need to run a Reconciliation Discrepancy report.
Click on the Reports menu and hover your mouse over Banking tab.
Choose the Reconciliation Discrepancy action.
Choose the specific bank account you’re reconciling and then click on the OK button.
Finally, review the report and look up for any discrepancies.

Features of Dancing Numbers for QuickBooks Desktop

Imports

Imports

Exports

Exports

Deletes

Deletes

Customization

Customization

Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

Customer Transactions

Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

Technical Details

Easy Process

Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

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Pricing

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Importer, Exporter & Deleter

*See our Pricing for up to 3 Company Files

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Pricing includes coverage for users
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Accountant Basic

*See our Pricing for up to 10 Company Files.

$499/- Per Year

Pricing includes coverage for users
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  • Unlimited Users
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  • Upto 10 companies

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Accountant Pro

*See our Pricing for up to 20 Company Files.

$899/- Per Year

Pricing includes coverage for users
  • Services Include:
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  • Unlimited Users
  • Unlimited Records
  • Up to 20 companies

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Accountant Premium

*See our Pricing for up to 50 Company Files.

$1999/- Per Year

Pricing includes coverage for users
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  • Unlimited Users
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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


Which file types are supported by Dancing Numbers?

XLS, XLXS, etc., are supported file formats by Dancing Numbers.


What is the pricing range of the Dancing Numbers subscription Plan?

Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


How can I contact the customer service of Dancing Numbers if any issue arises after purchasing?

We provide you support through different channels (Email/Chat/Phone) for your issues, doubts, and queries. We are always available to resolve your issues related to Sales, Technical Queries/Issues, and ON boarding questions in real-time. You can even get the benefits of anytime availability of Premium support for all your issues.


How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

Get Support

Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

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