3400 Opening Balance Equity
The account that absorbs the other side of opening balances so your first day still balances. Should net to zero once setup is done.
In Solo Superstars
Entering a bank account’s opening balance debits the bank ledger account and credits this one. Once you have entered everything, move the balance to Owner’s Investment or Retained Earnings so it reads zero.
Example
Opening checking balance $8,400 on day one: debit 1010 8,400, credit 3400 8,400.
Codes shown are the defaults a new workspace starts with. Yours may be renamed or renumbered — check Accounting › Chart of accounts. See the full default chart.
Also called
- QuickBooks: Opening Balance Equity
- OBE
Related
- Opening balance equity — The account that absorbs the other side of opening balances so the first day still balances. Should net to zero once setup is done.
- Opening balance — What a bank account held on the day you started tracking it in Solo Superstars, or on the first day of a statement.
- 3100 Owner's Investment — Money or assets you put into the business as the owner. Not revenue; it raises your equity.
- Chart of accounts — The list of buckets your money can be sorted into: assets, liabilities, equity, revenue, expenses. New workspaces start with a default set you can rename or extend.
- Default chart — The chart of accounts every new workspace starts with, numbered the way QuickBooks users expect. Yours may have been renamed or extended since.