Regardless of the type of account, it�s important to record the correct opening balance otherwise, your entire books will be thrown off. Run any of the reports to find the transactions causing the discrepancy, check out the steps below to run the reports. Directly reach your bank if there is a discrepancy caused by the banking error you see while downloading the transaction or while importing. If you are uploading your desktop QuickBooks data file to QuickBooks Online, then you have to set up beginning balances in QuickBooks Online. If transactions have already been recorded, you can open the Chart of Accounts and double-click the account to open the register.

In this video, you’ll see how you can change or add an opening balance for an account. Add a transaction to the register with Opening Balance Equity as the description.