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Post Info TOPIC: how do I add an opening balance in quickbooks


Newbie

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how do I add an opening balance in quickbooks


How do I add an opening balance in quickbooks?

 



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Guru

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Hi there,

Are you entering a whole TB of opening balances, or just opening balances on Supplier or Customer accounts?

Pauline

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Pauline



Newbie

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When entering this data, as it can be difficult to change the initial opening balance once the new company file has been created. 1. Open the account you wish to enter an opening balance for. In QuickBooks, go to the Lists menu, select "Chart of Accounts" and select the account you wish to work on.

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Master Book-keeper

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Oh, and another spammer, same company, and the flipping post is nearly 6 years old



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John 

 

 

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Grr!  furious



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Pauline



Forum Moderator & Expert

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Generic answer not worth the virtual ink that it took to write it... Banned... and advertising removed from sigature.

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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



Guru

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Liking the avatar Shaun....lol



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Pauline



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Open the account you wish to enter an opening balance for. In QuickBooks << embedded Link Removed >> go to the Lists menu, select "Chart of Accounts" and select the account you wish to work on. This will open the new account's register. If you don't already have a register for this account, click on Create New Register. 



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Master Book-keeper

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veis



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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position



Master Book-keeper

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Can we get rid of the links in their profile too please Shaun?

Didnt answer the question as the last one didnt!

Besides........ 

Untitled.jpg.. 

says it all really!

Numpties






-- Edited by Cheshire on Monday 29th of January 2018 12:15:54 PM

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position



Member

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Follow those simple steps:

1. Click the Plus Sign icon at the top center, under Other click Journal Entry.
2. Select the Date at the top left to match what date you'd like the opening balance to match.
3. On the first line:
From the Account column, choose the account you'd like to give an opening balance.
Depending on the account type, enter the opening balance amount in either the Debit or Credit column.
Memo, Location and Class are optional. You actually may not see Location or Class unless you have those preferences turned on.
If you selected Accounts Receivable/Debtors in the Account column, you will also need to select a Customer Name in the Name field.
If you selected Accounts Payable/Creditors in the Account column, you will need to select a Vendor/Supplier Name in the Name field.
4. On the next line:
From the Account column, choose the Opening Balance Equity account.
Enter the opening balance amount in either the Debit or Credit column. Select the opposite column than marked on the first line. In other words, if you used Debit above, place
the amount under Credit.
5. Click Save.

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Master Book-keeper

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Darcy24 wrote:

Follow those simple steps:

1. Click the Plus Sign icon at the top center, under Other click Journal Entry.
2. Select the Date at the top left to match what date you'd like the opening balance to match.
3. On the first line:
From the Account column, choose the account you'd like to give an opening balance.
Depending on the account type, enter the opening balance amount in either the Debit or Credit column.
Memo, Location and Class are optional. You actually may not see Location or Class unless you have those preferences turned on.
If you selected Accounts Receivable/Debtors in the Account column, you will also need to select a Customer Name in the Name field.
If you selected Accounts Payable/Creditors in the Account column, you will need to select a Vendor/Supplier Name in the Name field.
4. On the next line:
From the Account column, choose the Opening Balance Equity account.
Enter the opening balance amount in either the Debit or Credit column. Select the opposite column than marked on the first line. In other words, if you used Debit above, place
the amount under Credit.
5. Click Save.


You dont even know what type or version of Quick books she has.

Never mind that she asked the damned Q over 5 years ago

Never mind that you are clearly a spammer (advertising link removed by the moderator), most definately not a professional bookkeeper or accountant, not based in the UK and havent a clue about what you are talking about.



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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position



Forum Moderator & Expert

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Posts: 11981
Date:

Cheshire wrote:
Darcy24 wrote:

Follow those simple steps:

1. Click the Plus Sign icon at the top center, under Other click Journal Entry.
2. Select the Date at the top left to match what date you'd like the opening balance to match.
3. On the first line:
From the Account column, choose the account you'd like to give an opening balance.
Depending on the account type, enter the opening balance amount in either the Debit or Credit column.
Memo, Location and Class are optional. You actually may not see Location or Class unless you have those preferences turned on.
If you selected Accounts Receivable/Debtors in the Account column, you will also need to select a Customer Name in the Name field.
If you selected Accounts Payable/Creditors in the Account column, you will need to select a Vendor/Supplier Name in the Name field.
4. On the next line:
From the Account column, choose the Opening Balance Equity account.
Enter the opening balance amount in either the Debit or Credit column. Select the opposite column than marked on the first line. In other words, if you used Debit above, place
the amount under Credit.
5. Click Save.


You dont even know what type or version of Quick books she has.

Never mind that she asked the damned Q over 5 years ago

Never mind that you are clearly a spammer (advertising link removed by the moderator), most definately not a professional bookkeeper or accountant, not based in the UK and havent a clue about what you are talking about.


Plaigerism...

Original source unreferenced by poster :

https://community.intuit.com/articles/1145780-how-do-i-enter-a-beginning-balance-for-an-account-after-it-has-been-set-up



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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



Master Book-keeper

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You missed the spam earlier up the thread Shaun!!

Link in a thread above the big red Vies word

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position



Forum Moderator & Expert

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Posts: 11981
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Sorted :)

Cheers Joanne, they seem to be coming thick and fast at the moment don't they... Obviously taking advantage of silly season even though like Vince it's not self assessments that are hitting me this year.

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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



Master Book-keeper

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Posts: 8646
Date:

Ha - the link is still showing in Lilly James' post Shaun!
Bet that isnt her real name!!

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position

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