Correct the opening balance for an account

In Microsoft Office Accounting, you can edit some information for an account, but you cannot directly change the opening balance information. If an opening balance for an account is incorrect, you can correct it by making a journal entry for the account.

To correct the opening balance for an account, do the following:

  1. On the Company menu, point to Company Lists, and then click Chart of Accounts.

  2. Double-click the account whose opening balance you need to correct.

  3. Double-click the Opening Balance transaction.

  4. On the toolbar, click Edit.

  5. Correct the amounts in the Debit and Credit columns. Make sure the debit and credit amounts are equal.

  6. Click Save and Close.

Important: If you correct the opening balance for a bank account or credit card/line of credit account that has been reconciled for the current period, you will undo the reconciliation, and you will have to reconcile the account again. Account reconciliations for closed periods are automatically updated to show the corrected opening balance.

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