cancel
Showing results for 
Search instead for 
Did you mean: 
Laura1980
Level 3

How to enter the balances of the balance sheet account when you open a client for the first time in QBO?

I am new in QBOA and I am looking for my first client . 

My very big concern is once it comes how do I enter the opening balances in the QBO .  (after I set up the company and the chart of accounts for his company , how do I populate the accounts to show the opening balances in accounts that will match  the balance of  balance sheet accounts on the date that the clients what me to pick up from . Suppose client says I want you to do my books starting from  June 1st 2020. So I get his balance sheet  as of  31 May 2020 , a detailed balance sheet with all kinds of assets ,  bank,  inventory, prepaid exp,  equipment , accumulated depreciation , long term assets, liabilities, credit cards,  payroll liabilities , equity accounts etc .)

It is really very confusing how different people suggest different ways of doing it and how they contradict each other in so many way.  Is there a step by step guide somewhere or can someone give me a detailed list of suggestions on how to proceed with each balance sheet accounting so we can enter the opening balances accordingly . 

 

Thank you 

 

Solved
Best answer July 18, 2020

Best Answers
JessT
QuickBooks Team

How to enter the balances of the balance sheet account when you open a client for the first time in QBO?

Thank you for adding more details about your goal, Laura. I'll continue to help you out.

 

Ideally, you'll want to enter transactions, so they are posted into the accounts instead of entering the balances. To do this, others upload bank transactions and them to QuickBooks, or they enter them one by one. However, it will take time especially when a client has a lot of transactions.

 

Taking the shortcut. As for the customer and supplier balances out of open invoices and bills, you can enter a lump-sum invoice or a bill. Or, you can enter the customer and vendor balances as you create their profiles. See more details about entering outstanding balances for customers and vendors.

 

If there are prepayments, you can enter lump-sum prepayments as well via Receive Payments or Pay Bills. Then, for the equity balances, you can create journal entries.

 

We, at Intuit, will be happy to do a screen-sharing session if you need someone to watch you while doing this for the first time. Simply call or message the Accountant Support team, Monday to Friday from 6 AM to 6 PM PST.

 

Please don't hesitate to go back to this thread if you have more questions in mind.

View solution in original post

6 Comments 6
JenoP
QuickBooks Team

How to enter the balances of the balance sheet account when you open a client for the first time in QBO?

It's great to know that you've choosen QuickBooks to help with your accounting or bookkeeping business, Laura1980.

 

There's an option to select a date when you would want the opening balance to be reported in the client's financial reports. Here's how:

 

  1. Go to the client's Chart of Accounts, then click New in the upper-right hand corner.
  2. Enter all the details of the account.
  3. Go to the Opening Balance section and choose between Beginning of this yearBeginning of this month,Today, or Other.
  4. Enter the account's balance and date, depending on which option is selected.
  5. Click Save and close

Let me share these quick guides with you about managing opening balances in QuickBooks Online: 

 

Please don't hesitate to reach out to us again if you need more help while exploring and learning how QuickBooks Online works. 

Laura1980
Level 3

How to enter the balances of the balance sheet account when you open a client for the first time in QBO?

Thank you very much for your reply, 

The explanation you gave me is ok to some point but doesn't make sense for some other accounts ?

Nick_M
QuickBooks Team

How to enter the balances of the balance sheet account when you open a client for the first time in QBO?

Hi Laura1980.

 

I'm happy to assist you further, I'm including a few helpful articles giving you more step-by-step instruction like you asked for.

If you have a specific questions, please post it below. Thank you for your time and have a  nice evening. 

Laura1980
Level 3

How to enter the balances of the balance sheet account when you open a client for the first time in QBO?

Thank you for your reply but what you are suggesting as helpful tips are very very basic. That 's not what I am looking for . 

I am asking how to enter the opening balances for a client ( not just his bank or credit card opening balance) but all his chart of accounts balances....how do you keep track of previous invoices or bills, how do you enter the prepaid balances , how do you enter the equity account balances , liability balances etc . 

This is what I need an answer too PLEASE. 

 

Thank you 

 

JessT
QuickBooks Team

How to enter the balances of the balance sheet account when you open a client for the first time in QBO?

Thank you for adding more details about your goal, Laura. I'll continue to help you out.

 

Ideally, you'll want to enter transactions, so they are posted into the accounts instead of entering the balances. To do this, others upload bank transactions and them to QuickBooks, or they enter them one by one. However, it will take time especially when a client has a lot of transactions.

 

Taking the shortcut. As for the customer and supplier balances out of open invoices and bills, you can enter a lump-sum invoice or a bill. Or, you can enter the customer and vendor balances as you create their profiles. See more details about entering outstanding balances for customers and vendors.

 

If there are prepayments, you can enter lump-sum prepayments as well via Receive Payments or Pay Bills. Then, for the equity balances, you can create journal entries.

 

We, at Intuit, will be happy to do a screen-sharing session if you need someone to watch you while doing this for the first time. Simply call or message the Accountant Support team, Monday to Friday from 6 AM to 6 PM PST.

 

Please don't hesitate to go back to this thread if you have more questions in mind.

View solution in original post

Laura1980
Level 3

How to enter the balances of the balance sheet account when you open a client for the first time in QBO?

Thank you so much for your detailed information . 

Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up

Need to get in touch?

Contact us