After creating a new QuickBooks data file for an existing company and entering all the existing balances, use an opening adjusting entry to move the balance in the Opening Balance Equity account to the Capital Stock account.
Step-by-step explanation:
When we need to enter the balance of any account in the accounting software called Quickbooks the entry that is used. When you want to set up a prior balances for the first time in this software you need this Opening balance equity .There must also be a credit and debit for journal entry for putting it into register.
The liabilities must be added in the credit side and the open balance equity must be in the debit side. This balance equity will always be negative since it is credit card opening balance.