You need to enter open balance equity as a credit card or bank account. The opening balance of the account serves as this beginning point. It provides a summary of all earlier transactions. To input an opening balance for accounts create in QuickBooks, follow these steps. Follow the below-described instructions to enter opening balance equity in QuickBooks.

Step 1: Enter an Opening Balance

For the type of account that the opening balance is for, follow these steps.

Bank or credit card accounts

Make sure you are aware of what to enter for your opening balance before adding a new account to your QuickBooks Chart of Accounts.

For a real-world bank account that you have either recently opened or have owned for some time, you can enter begining balance in QuickBooks.

• Get your bank statements or log in to the website of your bank.
• Select Chart of Accounts from the Company menu in QuickBooks Desktop.
• Then you have to right-click anywhere on your Chart of Accounts and then you have to select New.
• You can choose between a bank account and a credit card. Next, click Continue.
• Then give a name to your account. Give each account a unique name if you have more than one of the same type or at the same bank to make it simple to distinguish between them.
• Complete the remaining data fields.
• Now you have to select Enter Opening Balance. The button will say Change Opening Balance in QuickBooks if you want to change your opening balance later.

The opening balance you enter will depend on how you wish to treat your past transactions.

• If you don't want to enter old transactions into QuickBooks before the opening balance date: Your most recent bank statement's final balance and expiration date should be entered.
• Select OK next. This lists every transaction you have ever made before. Moving forward, you will start tracking new transactions.
• If you want to enter all of your previous transactions: Choose how far in the past you want to go.
• Choose a date that is older than the earliest transaction in QuickBooks that you want to track.
• Before the day you choose, everything is summed up in your opening balance.