❓ How to Add an Opening Balance to a Bank Account in QuickBooks Online

If you're starting a reconciliation in Propio for a client whose business was operating before your selected start date, you may need to enter an opening balance to match what the bank reflects. This is essential to avoid discrepancies between QBO and your actual bank statement.

Use this process when:

• Your client's reconciliation starts mid-operation (e.g., January 1, 2024).

• The bank has a balance at the beginning of the month, but QBO shows a $0 starting point.

There are two ways to ensure that’s properly entered—depending on whether the bank account is already created in the Chart of Accounts or not.

• ✅ Option 1: You Already Created the Bank Account — But Didn’t Add a Balance

• ✅ Option 2: You Haven’t Created the Bank Account Yet — Add It With the Balance

If the bank account was already added to the Chart of Accounts but the opening balance was left blank, you can add it using a journal entry.

1. Go to QuickBooks Online and select your client.

2. In the upper left corner, click "New".

3. Choose "Journal Entry".

4. In the journal entry window:

   • Enter the start date of the reconciliation period.

   • Add a clear description for internal reference.

   • In the first line:

     • Select the bank account where you want to add the balance.

     • Enter the amount shown as the beginning balance from the bank statement.

     • Enter the same amount in Credit.

   • In the second line:

     • Select "Opening Balance Equity" as the account.

     • Enter the same amount in Debit depending on the first line.

5. Click "Save".

If the bank account hasn't been added yet, you can include the opening balance when you create it.

1. Select your client in QBO (top-left dropdown).

2. Click Accountant Tools (next to the client selector).

3. Choose Chart of Accounts.

4. Click the green New button.

5. Fill out the account details:

   • Account Name (e.g., “Chase Operating Account”)

   • Account Type = Bank

   • Detail Type = choose the type that best matches the account (e.g., “Checking” or “Savings”)

6. Under Opening Balance, enter the amount the bank account had at the beginning of the first accounting period.

7. In “As of”, enter the date of the beginning of that month—this should match the bank statement.

8. Click Save.

💡 You can get the balance and date from your client’s bank statement for that starting month.

1. Go to the top right menu and click "Accounting Tools".

2. From the drop-down next to your client’s name, select "Chart of Accounts".

3. Find the bank account and click "View Register" (in green on the right).

4. You can edit the entry if needed by clicking the down arrow next to it and selecting "Edit".

You’ve now successfully set the correct opening balance. Your reconciliations in Propio and QuickBooks should now align.

If you need help reviewing this step, feel free to reach out to our support team or schedule a quick session.