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opening balance equity

Posted by Sharon 
opening balance equity
July 09, 2013 02:00PM
on the balance sheet, what does Opening Balance Equity mean? How does QuickBooks come up with that number?
Re: opening balance equity
July 17, 2013 05:19PM

If you create a new bank account called "Wells Fargo", and you put the Ending balance from your previous statement as the starting balance into QB, then that amount goes against "Opening Balance Equity".

Same will apply for all banks and credit card account you may setup.

It does not affect your profit and loss, only your balance sheet.

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