How to clear opening balance equity in quickbooks pro, online and desktop?

How to clear opening balance equity in quickbooks pro, online and desktop?

How to clear opening balance equity in quickbooks.

Quickbooks understands only one Owner. The people who created quickbooks took the assumption that the business is supposed to have only one business owner.  If the case is otherwise then you are required to create an Opening balance equity account. If you are already maintain that and now wants to clear that out in quickbooks then:

  • Goto to your companies menu and create a journal entry in your quickbooks accounts.
  • If you are maintaining a +ive balance then you would need to Debit your Opening Balance Equity and credit the equity balance of the owner.
  • If the balance is –ive then you would need to Debit the owners equity balance and credit the Opening balance in equity.
  • The steps above will help you in clearing your opening balance equity in quickbooks.

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If you are still left with the balance then you can give us a call at our quickbooks support telephone number at 1800-940-7442. Our quickbooks experts will then guide you through your problem.


 

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