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, ...

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