QuickBooks 2008 Solutions Guide for Business Owners and Accountants

Chapter 13Reviewing and Correcting the Opening Balance Equity Account

• Purpose of the Opening Bal Equity Account

• Transactions in the Opening Bal Equity Account

• Reports to Review and Troubleshoot the Opening Bal Equity Account

• Closing Opening Bal Equity into Retained Earnings

• Setting a Closing Date and Password

• Opening Bal Equity Checklist

Purpose of the Opening Bal Equity Account

QuickBooks automatically creates the Opening Bal Equity account when you create a new data file. The Opening Bal Equity account serves the following purposes for a new data file:

• To keep your books in balance during the opening entries.

• To provide a common register so you can easily view your opening entries before “closing” to the Retained ...