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Customer and Vendor Opening Balance

We imported customers, vendors, the the chart of accounts from an old company file used in another store (which is now closed) to our new stores QB account/file using IIF. The issue is, none of the balances copied over. That is to say, if we go to Customers -> Customer Center -> Customers with Open Balances, on the old QB there's multiple, but on here they were not copied over. 

 

It's my understanding that we'd need to create an "opening balance" or somehow copy the transaction history for each vendor and customer over. The alternative seems to be to manually add each customer and set the opening balance when adding it, but I can't seem to find a way to do so for an imported account. Any suggestions or solutions would be greatly appreciated! 

Solved
Best answer 04-30-2019

Accepted Solutions
Anonymous
Not applicable

Re: Customer and Vendor Opening Balance

Hello, @Millstone.

 

Thank you for taking the time to post here in the Community. I can help manually add a customer and vendor's opening balance in QuickBooks.

 

You are right about the alternative. The only way to copy the balances is to manually enter an opening balance for the imported accounts. You can create a service item for this and select the Uncategorized Income on the Account drop-down.

 

 

 

 

Then, create an invoice and use this service item to enter the opening balance. 

 

 

 

For vendor's, you don't need to create an item. You can go directly to the Expense tab and select the Uncategorized Expense to record the amount of the opening balance.

 

 

This process is the alternative way to enter the opening balances from your imported vendors and customers.

 

Just in case you need other references in the future, you can visit our site anytime: Help articles for QuickBooks Desktop.

 

Keep me posted if you have other questions about manually adding an opening balance. I'm here to help however I can.

2 Comments
Anonymous
Not applicable

Re: Customer and Vendor Opening Balance

Hello, @Millstone.

 

Thank you for taking the time to post here in the Community. I can help manually add a customer and vendor's opening balance in QuickBooks.

 

You are right about the alternative. The only way to copy the balances is to manually enter an opening balance for the imported accounts. You can create a service item for this and select the Uncategorized Income on the Account drop-down.

 

 

 

 

Then, create an invoice and use this service item to enter the opening balance. 

 

 

 

For vendor's, you don't need to create an item. You can go directly to the Expense tab and select the Uncategorized Expense to record the amount of the opening balance.

 

 

This process is the alternative way to enter the opening balances from your imported vendors and customers.

 

Just in case you need other references in the future, you can visit our site anytime: Help articles for QuickBooks Desktop.

 

Keep me posted if you have other questions about manually adding an opening balance. I'm here to help however I can.

BRC
Established Community Backer ***

Re: Customer and Vendor Opening Balance

Yes balances can't be imported as pat of the the names.  But, you can import them as transactions (the same way QB sets them up when you create a new name.)

 

If you can create a list of customer names and balances (perhaps a report from your old QB file) then you can use our BRC IIF Transaction Creator Pro  to import the transactions to create the balances.

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