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Level 1

Changing Account balances

I've just started working for a company that uses Quickbooks premier desktop. They've been using it just for invoicing customers for several years but since June having been using it for everything. Before that the accounts were just done on spreadsheets. The problem i have is that no opening balances were put in when it was set up so all the accounts balances are massively out. I have balances for all accounts from both Jan 1st when their financial year started, and also from June when they submitted their first vat return via MTD. How would i go about entering the balances and clearing off previous years data? I work for them in house so don't have the accountant version.

Thanks

4 REPLIES 4
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QuickBooks Team

Changing Account balances

Hi Charlottel.

 

To enable you to enter opening balances against accounts you will have to create a Journal Entry.

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Level 1

Changing Account balances

Thanks John, i thought that might be the answer. There is no opening equity account set up, or a retained earnings one so would i need to add these? The advice i found online said Quickbooks opens these accounts when it is set up so I am confused as to why they aren't there.

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QuickBooks Team

Changing Account balances


Hi Charlottel.

 

Is there a retained earnings brought forward account? If there are no existing equity accounts you will have to create them.

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Level 1

Changing Account balances

Hi John,

 

There is a members equity account, i've just looked at it and it has entries on the last day of each year so I'm guessing this must be where the retained earnings are going.