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Frances15NBS
January 16, 2021
Question

Journal opening balances

  • January 16, 2021
  • 1 reply
  • 0 views

Hello,

I'm trying to journal in my opening balances on 1 journal in GBP.

However because one bank account is in USD (but converts all transactions to GBP) , it won't allow me to input the GBP opening balance and I get this error  You can only use home currency balance sheet accounts with home currency A/R and A/P accounts.

How do I get around this?

1 reply

MaryLandT
MaryLandT
January 16, 2021

I'm here to help you enter an opening balance for the bank, Frances15NBS.

 

You need to set up a GBP bank account so you can enter the journal for the opening balance. Let me show you how:

 

  1. Go to Settings ⚙, then select Chart of Accounts.
  2. Click New to create a new account.
  3. On the Account Type ▼ drop-down, choose an account type.
  4. On the Detail Type ▼ drop-down, select the detail type that best fits the transactions you want to track. 
  5. Give your new account a name. 
  6. Add a description.
  7. Make sure the account in QuickBooks matches your real-life bank or credit card account.
  8. When you're done, click Save and Close.
  9.  

Once done, create a journal entry for the opening balance.

 

Learn more about currencies through this link: About Multicurrency.

 

Let me know if you need anything else with QuickBooks. I'll be right here to help you.

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