Manage outstanding balances for customers and vendors in QuickBooks Online
by Intuit•51• Updated 3 months ago
Learn how to enter a prior balance for a customer that owes you money or a vendor you need to pay.
If you’re new to QuickBooks Online, you might have customers or vendors with open balances. We’ll show you the recommended way to manage those balances as you're creating your customer and vendor profiles.
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When to use opening balances
Opening balances are important when you're connecting a bank or credit card to QuickBooks Online. They help ensure that QuickBooks matches your bank records exactly, from the date you started with QuickBooks. But new customers and vendors are different. You have the option to enter opening balances when you’re creating new customer or vendor profiles, but it’s not recommended.
How to manage customer and vendor balances
If you have customers and vendors that have an open balance prior to the date you opened your QuickBooks Online account, it's recommended to leave the opening balance blank. Instead, add your customer's unpaid invoices or your vendor's unpaid bills to QuickBooks. This lets you add clear details about what your customers are paying for and what you're paying your vendors for.
To get started, select whether you're adding a customer or vendor.
What if I already added an opening balance?
If you entered an opening balance instead of leaving it blank, don't worry. We'll show you how it affects your books, and what to do next.
To get started, select whether the balance was for a customer or vendor.
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