Re: Opening balances
The Community has you covered, @ni4.
I have just the steps you'll need to input those opening balances. To clarify, are these balances for accounts you'll be creating new in your company, or for existing accounts? I'll outline the steps needed for both scenarios below:
Input opening balance for a New Account
- From QuickBooks Online, navigate to the Accounting tab and the Chart of Accounts section.
- Click New to create a new account and select an Account Type and Detail Type.
- Enter the beginning balance in the Balance field and set the as of date for this balance. Click Save and close once finished.
This information and more is also available from our guide on recording opening balances. I've attached a short video demonstration of this below:
The value entered in the Amount box is created as a journal entry which offsets against Opening Balance Equity. If you didn't enter a value here when creating the account, you can create this entry manually with the following instructions:
Input opening balance for an Existing Account
- From QuickBooks Online, click the Plus icon (+) and select Journal Entry.
- Set the opening balance as of date in the Date field.
- On the first line, select the account whose balance you're assigning. Enter the opening balance in the Debit or Credit field. Per the linked article:
For Asset accounts, positive balances appear in the Debit column.
For Liability and Equity accounts, positive balances appear in the Credit column.
- On the second line, select Opening Balance Equity as an offset account. The value will auto-fill to match the first line. Click Save and close.
The clip here will provide a visual example of this process:
These instructions will help you input opening balances for whichever accounts you need. Please don't hesitate to keep in touch with me here for all of your QuickBooks needs. Thanks for dropping in and have a great rest of your day.