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Level 1

I want to start setting up my chat of accounts, customer list etc in QB Online -but want to check if I can add the starting balance at a later date?

 
5 Comments
Level 15

I want to start setting up my chat of accounts, customer list etc in QB Online -but want to check if I can add the starting balance at a later date?

yes and no

No - you can not enter a starting balance

Yes you can enter a transaction which acts as a starting balance

QuickBooks Team

I want to start setting up my chat of accounts, customer list etc in QB Online -but want to check if I can add the starting balance at a later date?

Welcome to the QuickBooks Community, @frans1

 

I'm here to share details about handling your starting balance in QuickBooks Online (QBO). This way, you'll be able to determine if you can add it at a later date.

 

The starting/opening balance summarizes all your past transactions in your real-life account. When you create a new account in QBO, you're allowed to add it at a later time and pick a day to start tracking your transactions. Then, tracks them in an Opening Balance Equity account.

 

Once you're already to enter your starting balance, I can guide you the steps based on how you use the account in QuickBooks. Here are the steps If they aren't connected to online banking and no transactions were entered yet:

  1. Go to the Gear icon.
  2. Select Chart of Accounts.
  3. Locate the account, click the drop-down arrow under the Action column, then select Edit.
  4. Enter the all the needed information in the When do you want to start tracking your finances from this account in QuickBooks?Select a date, and What was your account's balance on [date] fields.
  5. Click Save and Close.

 

I've attached screenshots below for your reference.

20.PNG 21.PNG 22.PNG

 

If you connect your bank and credit card accounts to online banking, QBO will automatically downloads the last 90 days (or more) of transactions. Then, enter the opening balance and date for you. All you have to do is categorize them to keep your account accurate.

 

In QuickBooks, you can start tracking transactions right away after you created an account without an opening balance. To add one, you can either create a journal entry or through a bank deposit. To learn more about it, kindly check out this article: What to do if you didn't enter an opening balance in QuickBooks Online.

 

Additionally, here are some articles to guide you in setting up your Chart of Accounts, customers, vendors, and other business information in QBO:

 

Please let me know if you have other concerns. I'm just around to help.

Level 1

I want to start setting up my chat of accounts, customer list etc in QB Online -but want to check if I can add the starting balance at a later date?

Thanks for the information, it is very helpful.

 

So to confirm - I can add my chart of accounts, customers and vendors today, leaving the opening balance empty and then at a future date (using the method you describe), say 31 July 2020, manually enter the date and opening balance?

 

cheers

 

Frans

 

 

QuickBooks Team

I want to start setting up my chat of accounts, customer list etc in QB Online -but want to check if I can add the starting balance at a later date?

Yes, that's correct @FMC UK.

 

All you have to do is follow the steps provided by my colleague @Rea_M to create an account.

When you already have an account, you can start recording transaction against it.

 

Here's how to create a transaction:

 

  1. Go to +New.
  2. Select customer transactions under Customers column.
  3. Choose vendor transactions under Vendors column.
  4. For banking transactions, under Other column.
  5. Hit Save and close.

You can learn more about getting started with customer transaction at this link here: How to group Accounts Receivable or Accounts Payable account types.

 

We also have a guide on managing customer list that I'm sure you'll find helpful. It contains detailed steps and information to guide you through.

 

Please know that we're always here if you need help with anything else. Thanks for posting and I wish you have lovely day ahead.

Level 1

I want to start setting up my chat of accounts, customer list etc in QB Online -but want to check if I can add the starting balance at a later date?

thanks, that is great.

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