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PGVicky
Level 2

Customer opening balances

Hello,

 

Is it possible to list individual invoices with their original dates as opening balances? I have one customer who owes invoices going back two years so it would be good if I could have them all listed individually. 

Solved
Best answer May 03, 2020

Accepted Solutions
MirriamM
Moderator

Customer opening balances

Hello there, @PGVicky.

 

You can set up a customer opening balance on the Customer Profile page. But the amount to be entered is the total. You can instead create a Journal entry that will represent each invoice.

I'd recommend confirming with an accountant once done that they are happy as we're not trained accountants.

 

Moreover, I don’t want to leave you empty-handed, you'll want to visit our Community Help Articles hub in case you need some related articles in managing your account.

 

Please let me know in the comment section if you need anything else. I'm here to keep helping. Have a good one!

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7 REPLIES 7
MirriamM
Moderator

Customer opening balances

Hello there, @PGVicky.

 

You can set up a customer opening balance on the Customer Profile page. But the amount to be entered is the total. You can instead create a Journal entry that will represent each invoice.

I'd recommend confirming with an accountant once done that they are happy as we're not trained accountants.

 

Moreover, I don’t want to leave you empty-handed, you'll want to visit our Community Help Articles hub in case you need some related articles in managing your account.

 

Please let me know in the comment section if you need anything else. I'm here to keep helping. Have a good one!

PGVicky
Level 2

Customer opening balances

 


@MirriamM wrote:

Hello there, @PGVicky.

 

You can set up a customer opening balance on the Customer Profile page. But the amount to be entered is the total. You can instead create a Journal entry that will represent each invoice.

 

d recommend confirming with an accountant once done that they are happy as we're not trained accountants.

 

Moreover, I don’t want to leave you empty-handed, you'll want to visit our Community Help Articles hub in case you need some related articles in managing your account.

 

Please let me know in the comment section if you need anything else. I'm here to keep helping. Have a good one!


Thanks Mirriam, but I am a fully qualified bookkeeper with over 20 years experience so I will not be consulting an accountant to find out what is best for me and my books

bb100
Level 1

Customer opening balances

I went to client profile but can't adjust open balances.  How do I adjust open balances?

JoesemM
Moderator

Customer opening balances

Hello there, @bb100.

 

I can see here that you've posted the same question twice. I'd recommend following the advice shared by my colleague in this thread: https://quickbooks.intuit.com/learn-support/en-uk/do-more-with-quickbooks/re-how-do-i-edit-an-open-b...

 

Don't hesitate to let me know if you have any other concerns. I'm always willing to answer them. Keep safe always. 

bb100
Level 1

Customer opening balances

I have around 100 customer balances in opening receivables.  It seems bizarre to have to create a 100 journal entries affecting Retained earnings.  How is that I can't just adjust opening balance in the client profile?  That would make more sense.

SarahannC
Moderator

Customer opening balances

Hello there, bb100. Thanks for joining here.

 

Once the opening balance is entered in the Client's profile, the Opening balance field will be grayed out, which means we cannot adjust the amount from there.

 

Instead of doing that in the Client information window, you can go back to each invoice and correct the amount. For your guide, follow these outlined details:

 

  1. Go to Sales on the left panel.
  2. Within the Clients tab, select their name.
  3. Double click the invoice which has the opening balance.
  4. Change the amount.
  5. Click the Save button to reflect the changes.

 

Another way is to create journal entries, as you've mentioned above. In case you consider doing this process, I'd recommend reaching out to your accountant to make sure that accounts are properly used. They can keep everything accurate. Also, an accountant can suggest other options for the adjustment of the opening balance. They are the ones who can share you with the best and easiest way to handle this matter.

 

For additional information about the method for entering outstanding balances for customers, you can refer to this article: What accounts are impacted when entering a customer Opening Balance?.

 

If you have additional questions in mind, please post them here. I'll help you figure them out and share the details you need. Take care always.

bb100
Level 1

Customer opening balances

I don't understand the statement given often " ask your accountant".... I AM the accountant trying to figure out QB.

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