Hello, Wade. Thank you for reaching out! Let me explain how those balances will show up and how you can process open invoices and payments in QuickBooks Online (QBO).
When you import your customers and vendors with opening balances, QBO will create transactions to reflect these balances. For customers, these balances will be recorded as open invoices, and for vendors, they will be recorded as unpaid bills.
Once you start receiving payments from customers or pay vendor invoices, QBO will help you match these transactions with the open invoices or bills. Here's how the process works:
- Receiving Customer Payments: When you receive a payment from a customer using the Receive Payment feature, QBO will automatically suggest matching open invoices based on the customer and amount. You can review and confirm the match to clear the open balance.
- Paying Vendor Bills: When you pay a bill to a vendor using the Pay Bills feature, QBO will suggest matching unpaid bills based on the vendor and amount. You can review and confirm the match to clear the open balance.
Alternatively, if you wish to add clear details about what your customers are paying for and what you're paying your vendors for, it's recommended to leave the opening balance blank. Instead, add your customer's unpaid invoices or your vendor's unpaid bills to QuickBooks.
You may also refer to this article for more info: Manage Outstanding Balances for Customers and Vendors.
Additionally, it's important to regularly reconcile your bank accounts to ensure that all the payments and expenses are accurately recorded. It helps identify any discrepancies between your records and your bank statements.
Best of luck with your data import! If you have any more questions, feel free to ask. Blessings to you as well!
