Let me help you add opening balances for suppliers, alandcoca-gmail-.
In QuickBooks Online (QBO), it’s important to enter an opening balance when setting up a supplier. This is because the option to edit the supplier opening balance once you begin posting transactions is unavailable. Here's how to set up a supplier opening balance:
- Go to Get paid & pay and select Suppliers.
- Tap New supplier.
- Enter the required information for the supplier.
- Enter Opening balance and as of date (most likely the date you started your QuickBooks Online account).
- Press Save.
When entering an Opening balance during a supplier setup, expense and Accounts Payable (A/P) accounts are impacted. The Expense account is selected as the default account when the subscription is created. This appears in the Debit column on the transaction journal and can be edited once the original transaction is created. To edit the expense account that the opening balance is assigned to, just follow the steps below:
- Go to Get paid & pay and select Suppliers.
- Select the supplier, then select the Opening Balance Bill.
- Change the expense account in the detailed line item of the bill or add a new line as required.
- Press Save and close.
The Accounts Payable (A/P) appears in the Credit column of a transaction journal. This represents the business still has a credit note or balance due to the supplier. Then the Accounts Payable (A/P) will be impacted by this opening balance until the bill is paid.
Feel free to visit our Banking page for more insights about managing your bank feeds and reconciling accounts.
Make the most of QuickBooks exploration. If you have any debrief about the process, feel free to share them with us in this post. I welcome the opportunity to respond immediately. You have a good one.
