First of all, let us understand what opening balance equity actually is? Opening balance equity is an offsetting entry that is posted when entering all the other account balances are entered in QuickBooks.
So, once you have entered all the account balances in QuickBooks, the opening equity is moved to common stocks or retained earnings i.e., normal equity. In the next section, we will discuss the process steps of deleting the opening balance equity into QuickBooks Online so that balance for deletion gets adjusted.
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Steps to Delete the Opening Balance Equity into QuickBooks online to Adjust the Balance for Deletion
The steps to delete the opening Balance equity in QuickBooks online are as follows, ensure to follow in the same order:
Step 1. First of all, click on Settings (Gear icon) in QuickBooks Online.
Step 2. Now click open the Chart of Accounts, select the correct account and click View Register.
Step 3. Now type Opening Balance in the drop-down arrow on the filter icon and click Apply.
Step 4. After that opening Equity balance (if any) will reflect on the page. You need to click on the Edit option at the right bottom corner.
Step 5. You need to click on the More button at the bottom of the deposit transaction screen and then click on Delete and after that click on Yes.
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