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jmortmac
Level 1

Entering Expense Account Beginning values when setting up for first time

Just started with Quick Books.  I have entered all of the Balance Sheet opening balances and I'm trying to enter the Expense Account opening balances but cannot find out how to accomplish. 

Solved
Best answer November 05, 2018

Best Answers
HoneyLynn_G
QuickBooks Team

Entering Expense Account Beginning values when setting up for first time

Welcome to the Community, @jmortmac.

 

Thank you for choosing QuickBooks for your business. I can share some insights about why the Expense Account has no opening balance.

 

Balance Sheet accounts (Assets, Liability, Equity) are the only accounts which require an opening balance. In order for the amounts to post on the Expense account, you will have to create transactions such as checks, bills, or journal entries.

 

For future reference about entering or changing the opening balance, you can check out these articles:

That's it. Let me know if you have other questions about banking. You can always add a comment. Have a wonderful day!

View solution in original post

1 Comment 1
HoneyLynn_G
QuickBooks Team

Entering Expense Account Beginning values when setting up for first time

Welcome to the Community, @jmortmac.

 

Thank you for choosing QuickBooks for your business. I can share some insights about why the Expense Account has no opening balance.

 

Balance Sheet accounts (Assets, Liability, Equity) are the only accounts which require an opening balance. In order for the amounts to post on the Expense account, you will have to create transactions such as checks, bills, or journal entries.

 

For future reference about entering or changing the opening balance, you can check out these articles:

That's it. Let me know if you have other questions about banking. You can always add a comment. Have a wonderful day!

View solution in original post

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