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Millstone
Level 1

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 April 30, 2019

Best Answers
Anonymous
Not applicable

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.

View solution in original post

4 Comments
Anonymous
Not applicable

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.

View solution in original post

Anonymous
Not applicable

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.

Chris_Atlantic
Level 2

Customer and Vendor Opening Balance

Hello,

 

Regarding opening balances, the information provided was useful for manual entries. I have around 5K customers and 1K vendors - How do i record opening balances in bulk for all these clients? I am currently using QB enterprise version and in the process of transitioning to the new QB Desktop Premier 2021 version.

 

If you could shed some light as to how can i import Customers / Suppliers with opening balances or if you do have a IIF or CSV file structure format that would be helpful. I need it to test my system for accuracy.

 

Please note - I'm not looking at the moment to source from a third party vendor.

 

Kind Regards,

Chris...

Fiat Lux - ASIA
Level 15

Customer and Vendor Opening Balance

@Chris_Atlantic 

You should consider purchasing a 3rd party party downgrade service from QBD Enterprise file to QBD Premier file. Check our profile name and send your business email address in a private message to us.

 

But if your data is confidential, you will need a 3rd party migration tool to help. IIF only supports limited transaction types. You may consider one of these migration tools.

https:// transactionpro.grsm.io/qbd

https:// partners.saasant.com/affiliate/idevaffiliate.php?id=5051_2

 

The tool will bring in all the historical transactions as well but below are some tips on how to bring in your opening balances.

 

Customer Accounts Receivable

* First import your customer list to QuickBooks with the tool
* Set up a default item in QuickBooks that uses an account called Opening Balance Equity. This is so the credit side of the entry does not post to sales but to a balance sheet account. You will provide this value in the importer tool mapping as a static value next to the QuickBooks field, Item.
* You can then import all the open invoices as of the start date of the QuickBooks company file using the Invoice import. If you wish you can bring in detailed line items or you can just have one line for each invoice with the total amount.

 

Customer Open Estimates and Open Sales Orders

* Follow the same steps as outlined above under Customer Accounts Receivable.

 

Vendor Accounts Payable

* First import your vendor list to QuickBooks with an importer tool
* Set up an equity account in QuickBooks called Opening Balance Equity. This is so the debit side of the entry does not post to expenses but to a balance sheet account. You will provide this value in the importer tool mapping as a static value next to the QuickBooks field, Expense Account. If you use items on your vendor transactions follow the same steps as in the Accounts Receivable section above.
* You can then import all the open bills as of the start date of the QuickBooks company file using the Bill import. If you wish you can bring in detailed line items or you can just have one line for each invoice with the total amount.

 

Vendor Open Purchase Orders

* Follow the same steps as outlined above under Vendor Accounts Payable.

 

Inventory Quantity on Hand

* First import your item list to QuickBooks with an importer tool
* Import your Quantity on Hand and Values using the import type, Inventory Adjustment.

 

Other Balance Sheet Accounts

* When you first start the new QuickBooks company file you should first import the chart of accounts
* Run a trial balance or balance sheet as of the last closed period and subtract out any balances already in the new QuickBooks company file to calculate the remaining balances to be imported.
* Import these remaining balances as journal entries using an importer tool.

 

Good luck!

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