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do about an account in QuickBooks then a lot of QuickBooks users dont understand and thats the opening balance equity account the opening balance equity account is created to facilitate data entry when youre creating a new QuickBooks file so imagine were creating a new QuickBooks file you know where theres a lot of accounts that were going to need to add into that one of those is going to be my bank account and so this is an existing company its been around for a while so Ive got a bank account already out there but I havent got it in QuickBooks so Im going to my chart of accounts and add a new bank account since this is an existing bank account it has an existing balance so I want to set my opening balance for this bank account in my QuickBooks file so I can just click on that and go in and enter my opening balance problem is all weve done is told QuickBooks that there is money in the account we didnt tell it where the money came from QuickBooks doesnt really know so the