Opening Bal Equity

QuickBooks automatically creates this account when you enter the starting balance of your first balance sheet account. chart of accounts, accounts (types of), equity, equity, initial accounts for, Opening Bal Equity account, Retained Earnings account, . QuickBooks uses Open Bal Equity to ensure that you get a correct balance sheet even before you enter all your company's assets and liabilities. chart of accounts, accounts (types of), equity, equity, initial accounts for, Opening Bal Equity account, Retained Earnings account, . QuickBooks records the opening balance of each account in Opening Bal Equity.

You can transfer some or all of the money in Opening Bal Equity to other equity accounts.

Retained Earnings

This account tracks your company's net income from previous fiscal years. chart of accounts, accounts (types of), equity, equity, initial accounts for, Opening Bal Equity account, Retained Earnings account, . QuickBooks transfers your profit (or loss) to Retained Earnings at the end of each fiscal year.