New client set up into QBO who had previous balance sheet balances for last fiscal period ending Dec 31. How do I get those YE balances in as opening balances manually?

Hi daliborkatrainor,

Welcome to the Community. It's essential you're able to record your transactions correctly to keep track of your books. QuickBooks Online is a great program that gives you the ability to easily track your sales and expenses. I'd be glad to help.

I encourage you to review the following articles for opening balances. 

• Enter and manage opening balances in QuickBooks Online
• Fix issues the first time you reconcile an account in QuickBooks Online
• What to do if you didn't enter an opening balance in QuickBooks Online

Let me know if you have questions, I'll be happy to help.

You take their final trial balance and make a journal entry as of Dec 31st.

Yes I understand that I take my  balances and make journal entries but as I am new to this I don’t know what the journal entries would be. Can you give me an example? If I had an Accounts Receivable balance, would I debit Accounts Receivabel and credit what account?

You ask the client to provide you with their financial statements. Most of the time, their tax accountant has provided a final trial balance in it. You just use those numbers in a journal entry. The debits and credits should match up perfectly.

Hi daliborkatrainor,

Thanks for joining this thread. If you're unsure about which accounts to use, I recommend contacting an accountant. They'll be able to point you in the right direction to record your opening balances to ensure your books are up to date. If you don't have an accountant, we can help you locate a ProAdvisor in your local area.
 

If you have other questions, feel free to reach out here.