QuickBooks HelpQuickBooksHelpIntuit

How to setup opening balances and movement balances

by Intuit Updated 9 months ago

Trying to set up a new file and enter the opening and movement balances?  Follow the steps below:

  

How to setup Opening Balances

  1. Select + New.
  2. Select Journal Entry.
  3. Enter the date you want to set up the opening balance (e.g. 30/06/2017)
  4. Enter in a Journal no. and  copy & paste the name in the memo field (e.g. Journal entry Year end 2017)
  5. Select the relevant Accounts and fill out the journal as per the Trial Balance in the existing file (using debit/credit amounts)
  6. Click Save and Close

How to set up movement balances

Movement balances are used when you start a new file in the middle of a financial year (e.g. 1st of May).

  1. Select + New.
  2. Select Journal Entry.
  3. Enter the date you want to set up the opening balance (e.g. 01/05/2017)
  4. Enter in a Journal no. and  copy & paste the name in the memo field (e.g. Movement 2018)
  5. Select the relevant Accounts and fill out the journal as per the Trial Balance in the existing file (using debit/credit amounts)
  6. Click Save and Close

Note: The debt & credit amounts must be equal in order to complete a Journal Entry.

Sign in now for personalized help

See articles customized for your product and join our large community of QuickBooks users.

More like this