I'm glad to hear you've successfully imported your lists to the new file, tmwilli. Now, let's make sure everything is set up perfectly by entering the opening balances for your customers. This step is essential for your new company file to operate flawlessly.

If your customers or vendors have outstanding balances before your opening balance date, you can enter the unpaid invoices or bills to affect your Accounts Receivable opening balance. For this purpose, you can create a new item to represent your customer's previous balance and name it according to your preference. You also have the option to choose between a Non-Inventory item or a Service item.

Here's how they differ:

• Non-Inventory Item: This type is used for goods you sell without inventory tracking.
• Service Item: This type includes labor, consulting, or other tasks performed for a fee.

Once you've decided on the item type, follow these steps to create a new item:

1. On the top menu, go to Lists and then Item List.
2. Navigate to the Item dropdown and select New.
3. Choose Non-inventory or Service in the Type section.
4. Name the item and then click OK.

After setting up the item, you can proceed by invoicing your customers with their open balances dated 12/31/2024.

Alternatively, you can also create journal entries to reflect your customer's opening balances. Ensure to debit Accounts Receivable, credit the appropriate income account, and select the correct customer in the line. To ensure accuracy, I'd recommend checking in with your accountant to confirm if you're affecting the right income account.

Once you’ve completed these steps, run a Balance Sheet Report to verify that your books match. You can consult the Check the opening balance entry section of this article for more detailed instructions: Enter opening balances for accounts in QuickBooks Desktop.

Accurate records are crucial for running a smooth business, and I’m here to help you succeed. If you have any questions along the way, please don’t hesitate to reach out in the comments. I’m dedicated to assisting you as you prepare for the upcoming new year!