OPEN BALANCE EQUITY is an account that is automatically created by QuickBooks whenever a company is created. It is an equity account similar to Retained Earnings or Owner Capital. The Open Balance Equity account is basically a "plug" account used by QuickBooks to balance a transaction (basic accounting debits=credits). QuickBooks will enter a balance in the Open Balance Equity account for two reasons: beginning account balances or forced adjustments.
ESTATE TAXES are the Federal taxes levied on the transfer of property from the deceased to his or her heirs, legatees or devisees.
ISB is the Independence Standards Board.
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