How do I Update Equity Balances?

This article will demonstrate how to update your beginning equity balances.

1. Using the left side menu, under the Accounting section, click on Chart of Accounts.

2. Scroll through your chart of accounts to the Equity section.

3. Under owner's equity account, find the equity line item you wish to update.

4. Click the three dots and select Edit.

5. Change the Opening Balance from the default amount of $0 to the correct opening balance for the current operating year.

6. Click Save & Close.

7. Repeat steps 1-6 if you have additional owners or entities until all your equity accounts have an opening balance.

*To confirm these numbers, reach out to your tax accountant or refer to your prior year tax return.