Skip to main content
February 2, 2023
Question

What would you recommend to do if we imported trans for all of 22 and that's the yr we are started to use QBO. Should we enter beginning balances for 20 and 21 years?

  • February 2, 2023
  • 1 reply
  • 0 views
Company has some activity in 2020 and 2021 but we do not want to import those transactions, but rather make one journal entry to enter beginning balances for 2020 and 2021, so it all rolls over correctly into 2022. What is your recommendation on how to enter those balances for 2020 and 2021?

1 reply

katherinejoyceO
February 3, 2023

Thanks for asking the Community's guidance today, @amina-nuhanovic-

 

 In QuickBooks, if you've recently opened a new account with your bank, we recommend using the date you opened the account. 

 

However, if you've had the account for a while, you may start your opening balance on the same day as the beginning of your next bank statement. 

 

Whatever date you select, always check your bank statement to determine the account balance for that day. 

 

I'd also recommend consulting your accountant for some guidance on whether you enter the beginning balances for years 2020 and 2021. 

 

To get more insights, you'll want to visit this article to learn about managing an opening balance for bank, credit card, and other types of accounts: Enter opening balances in QuickBooks Online.

 

For future reference, check out this article to know more about what you need to do if you didn't enter an opening balance in QuickBooks Online.

 

Get back here for some more tips or if you need more help with anything about QuickBooks. I'll be here to guide you again.