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Bart57
Level 2

Chart of Accounts: Beginning Balance Fixed Assets

Hi,

 

I've opened a new QB account for my company. I want to set up our chart of accounts beginning balances, but for several accounts I cannot seem to add a beginning balance. I've added a screenshot of what I see. Other accounts (e.g. cash) I can add a beginning balance, but mainly fixed assets doesn't seem to give me that option. Any suggestions on how to do this?

 

If I need to use a Journal Entry, how would that work? For example Patents. I need to give a Payee but that doesn't really work since its about the total amount and not just one vendor. I'm fairly new with accounting, so I don't want to mess this up.

 

Best regards,

2 Comments 2
Rustler
Level 15

Chart of Accounts: Beginning Balance Fixed Assets

Journal entries do not require a payee, just ignore it.

 

debit fixed asset, credit equity for the starting balance

debit equity, credit accum depreciation fixed asset for the starting balance

Bart57
Level 2

Chart of Accounts: Beginning Balance Fixed Assets

Great Thanks! Will try this

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