Opening Balance Equity

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We received a Question from "Dolfin8613r" in our Online Forum

How would you add a begining balance when you just started the account? What journal entry would you make to zero it out at the end of the year?

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OUR RESPONSE

When you setup the Chart of Accounts, it will have a tab there to put opening balance. If you have already set it up, then you would do a journal entry where you credit the account and debit opening balance.


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