QuickBooks suggests using subaccounts or different equity accounts to track specific balances while keeping your OBE account accurate and simple. Since this account is only used during setup, it shouldn’t hold any funds once the process is complete. A debit or credit balance indicates unaccounted expenses or income, which can create inaccuracies. To zero out the OBE account, transfer the balance to...

If you have noticed, what we are actually doing here is making sure that the earned part is included in income and the unearned part into liability. The adjusting entry will always depend upon the method used when the initial entry was made. We also allow you to split your payment across 2 separate credit card transactions or send a payment link email to another person on your behalf. 1: Identify and...