Opening entries

Hello there, @L Di Cristo. I'm here to guide you on how you can enter your opening balance and add your client in QuickBooks Online Accountant.

After transferring from QBDT to QBO, If you forgot to enter an opening balance when you created an account, don't worry. You can go back later and create a journal entry to record it. Then you can get back to business as usual.

Here's How:

1. Select the + New button.
2. Click Journal entry.
3. On the first line, select an account from the Account field. Depending on if you need to debit or credit the account, enter the amount in the correct column.
4. On the next line, select the other account you're moving money to or from. Depending on if you entered a debit or credit on the first line, enter the same amount in the opposite column.
5. Check the amounts - you should have the same amount in the Credit column on one line and the Debit column on the other. This means the accounts are in balance.
6. Enter information in the memo section so you know why you made the journal entry.
7. Hit Save and new or Save and close.

Adding your client as an online accountant to your account is free. If you have a Proadvisor, it will incur a certain amount reflected on your account as part of the billing.

If you have further questions about managing your QuickBooks Online account, feel free to reply to this post. We are always ready and willing to assist you with your inquiries. Have a great day.

Hi ErwinQ,  Sorry i was away. 

I do know how to enter the opening entries. But what i want to know is if i enter a/p and a/r prior to opening entries can the opening entries be entered later?

Lisa

Thanks for getting back into this thread, L Di Cristo. I'll provide additional clarification when managing open balances of your financial accounts.

Yes, you can enter your account's opening balances even after you've created a new (A/R & A/P) account in your file. However, it's still recommended to manage these balances right on time to ensure the accuracy of your financial records and match the real-life bank and credit card accounts you're tracking.

With that, you may refer to the detailed steps shared by my colleague, ErwinQ, above when creating a Journal Entry to record the opening balances on your account so you can keep going in managing your business operations.

Additionally, you can only use the above-mentioned steps if you haven't reconciled the specific account yet. It's best to regularly review your accounts to make sure they always match your real-life bank statements.

I'll also include this resource for more detailed insights: What to do if you didn't enter an opening balance in QuickBooks Online.

Furthermore, here are several references that can guide you in reconciling your accounts and fixing reconciliation issues in the future:

• Reconcile an account in QuickBooks Online
• Fix issues at the end of a reconciliation in QuickBooks Online

You're always welcome to reply to this post if there's anything else you need further assistance managing balances and reconciliations in your account. Keep safe.

FateCandylane T

Thank you that is what i needed to confirm.  Yes agreed that the balances should be done before entries. 

Also need to find out how much QBO will cost this place if they decide they will have me move it to QBO. Right now they have quickbooks desktop version from 2009. That's why i was thinking since this company is so small it should be easy just to enter from the beginning of 2022 onward 

Back story the person passed away that was doing the finances. They were getting irs and nys notices that needed to be addressed.  Now that i have done that clean up they need to file their 1120s for 2022 and 2023. Anyway thank you.  I will refer to ErwinQ's instructions to do the entries. 

Lisa