When you start a new company file with a start date later than the actual company, you need to enter opening balances for the general ledger accounts.
You can enter Opening Balances using one or more General Journal Entries (GJE) that you create from the Balance Sheet for the previous fiscal year.
These steps explain how to enter the opening balances into a GJE, using the opening balance equity account to offset any balances which are not included on the initial journal entry. The Opening balance equity account is a special clearing account (used automatically by the program in some instances), which enables you to start using QuickBooks before you’have set up the entire balance sheet.
When using journal entries to record opening balances, be mindful of the following:
Follow these steps to enter account opening balances in journal entry form, referring the the prior information on balances for specific accounts:
Reconcile the opening balance journal entry for each account(also called a "mini-reconciliation"):
If these steps do not resolve the issue, you can read discussions and post messages and questions relating to your issue on the Intuit QuickBooks Community site for free or you can contact a technical support agent for additional guidance. Fees may apply.