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Level 1

Bring forward opening balances for revenue and costs

Hi,

We are moving from Sage (Online) to QB Online and need to bring forward opening balances for revenue, costs etc as we are part way through. I can get the values from Sage for say "sales" but wanted to check best method of input of same into QB (presumably a journal). These are the record accounts as opposed to customers and suppliers and happy with those of course (opening balances). Not 100% sure of correct entries in QB to record sales and costs for reporting.

3 REPLIES 3
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Moderator

Bring forward opening balances for revenue and costs

Hey there, StoneBaked.

 

You can follow the steps below in entering sales and costs in QuickBooks Online. This way you'll be able to run accurate reports with customer and suppliers balances.

 

Setting up a customer opening balance:

 

  1. Select Sales, then select Customers.
  2. Select New Customer upper right.
  3. Enter customer information.
  4. Go to the Payments and Billing which is between the Tax info and Attachments tabs, then enter Opening Balance and as of the date (most likely the date you started your QuickBooks Online account).
  5. Select Save.

How to set up a supplier opening balance:

 

  1. Select Expenses, then Suppliers.
  2. Select New Supplier on the upper right.
  3. Enter required information for supplier or supplier.
  4. Enter Opening Balance and as of date (most likely the date you started your Quickbooks Online account).
  5. Select Save and close.

To learn more about this process, check out this article: How to enter outstanding balances for customers and suppliers.

 

Also, you can visit this link if you want to record your daily sales in QuickBooks Online: Record your total daily sales.

 

If there's anything else I can help you with, please let me know. I'd be happy to get back to you and provide additional assistance.

Highlighted
Level 1

Bring forward opening balances for revenue and costs

Thanks for the reply.

 

I am fine with customers and supplier balances - these are the revenue and cost totals for the year so far which we need to reflect into QB. 

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Level 2

Bring forward opening balances for revenue and costs

The only way is to use a journal to post a set of agreed closing trial balance from Sage.

 

It has to be a full set of T.B. at the switch over date (closing date), not just sales and costs part-way through the year, but all P&L and Balance Sheet figures.

 

If VAT is involved and the transition date truncates a VAT return period, you will need to manually set up a temporary VAT Liability control account to hold the balance from Sage because QBs will only start to account for VAT from the day after the T.B. date.