Can we convert opening balance with journals?

thanks @Jovychris_A for your reply.

I am also interested in your article re adjusting journals. It looks like a great way to enter Audit adjustments.

May I know how I can set up myself as an accountant to enter Audit adjustments?

Will I be able to run Balance Sheet, Income statements with and without adjustments? 

Hello there, @kosiew.

I'm here to help you set up yourself as an accountant in your QuickBooks Online (QBO) account so you can enter audit adjustments. This way, you can keep your account's total balance accurate and updated.

Yes, you're correct that the article provided by my colleague above regarding adjusting journal entries is a great way to enter audit adjustments in QBO. 

You can invite different users through the Manage Users page in QBO. Since you'd like to set up yourself as an accountant to enter audit adjustments, you'll need to use a different email address and login credentials to access your company. To do this, here's how:

1. Sign in to your QuickBooks Online (QBO) company.
2. Go to the Settings ⚙️ or Gear icon, then Manage users.
3. Select Accounting firms.
4. Click Invite.
5. Enter the (your) accountant's name and email address, then select Save.
6. You'll receive an email with a link to sign into your QBO company.
7. You'll be asked to create a user ID before signing in.
8. Your status will remain as Invited on the Manage Users page until you sign in. After accepting the invitation, your status changes to Active.

Once you're done, go ahead and create adjusting journal entries in your QBO company file. Go to the + New button, select Journal entry, and click the Is Adjusting Journal Entry? checkbox.

On the other hand, you're able to run a Balance Sheet and income statements with and without adjustments in QBO. To do this, visit the Reports menu and select the Standard tab. Then, go to the Business overview section and select Balance Sheet.

Also, you may want to check out one of our Help pages as your reference in managing the growth of your business and transactions using QBO: Help Articles for QuickBooks Online. It includes topics about account management, taxes, banking, and reports, to name a few.

Please keep me posted on how it goes in the comments below. If you have other concerns about managing users and creating audit adjustments in QBO, I'm always around to help. Take care, and I wish you continued success, @kosiew.

Hi there 👋.

I just tried to import opening balance with journals.

The results are not working as expected.

Can you guide further on how to import opening balance via journals?

Hi there, @kosiew. I've got your back, and I'll ensure you can get through this and import your opening balance via journal in QuickBooks Online (QBO).

One possible reason your import didn't get through is because of the format of your file. Here in QBO, we're using an Excel CSV file to get documents into QBO. You can upload CSVs with either the 3-column or 4-column format. These are the only columns QuickBooks can handle as of the moment.

I recommend checking this page to learn more about CSV file and how you can map it to your account in QBO: Format CSV files in Excel to get bank transactions into QuickBooks.

Additionally, I've got you this article for more information about CSV: Common errors for importing bank transactions using CSV.

You can also check this article in case you want to reverse or delete a journal entry in QBO: Reverse or delete a journal entry in QuickBooks Online.

Should you need further assistance importing your data to your QuickBooks? Or do you have any additional QuickBooks-related concerns? Feel free to post them here in the Community space. I'll be happy to help you out again. Take care, and have a good one!

Thanks for you quick reply.

Do you also have an article for importing journals?

My objective is to import the opening trial balance with journals.

Hello there, @kosiew.

I'll share insights about importing journal entries in QuickBooks Online (QBO) so you can generate the opening balance of your accounts in a trial balance report.

As of the moment, there isn't an option to import a list of journal entries in QBO. For now, you've got several options to choose from in any of our third-party applications to integrate with.

This way, you can import the journal entries and generate a trial balance report. While we're unable to provide the names of the app you're able to utilise, it's best to check our list instead and read reviews so you can choose the best one for your business needs. I'll show you how.

1. Go to Apps.
2. Enter Import Journal Entries in the Search address.
3. Select the app you want to use and check for reviews.
4. Click Get app now.

Now that you're to generate the report you need, consider logging in to any of our supported browser versions and use this reference for guidance for all QBO features to use: Help Articles in QuickBooks Online. Also, you're able to read subtopics that will describe how a feature is used and how to accomplish tasks related to its functions.

I've got you covered if you have other questions aside from importing data in QuickBooks. Use the Reply option below to leave a comment and don't forget to include my name, @JonpriL. Take care always and stay safe!