Chapter 13. Reviewing the Opening Balance Equity Account
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 Earnings account.
• For older versions of QuickBooks, ...