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debs8
debs8
November 23, 2021
Question

I have been asked to do some bookkeeping for a client who has a brand new business. He will not have any starting figures so what will I actually need from him?

  • November 23, 2021
  • 1 reply
  • 0 views
He basically just wanted help with keeping on track of his sales invoices (everything is on his phone) but further down the line he will need more - hence using QB. He does not want to connect a bank account either as it is a personal one.

1 reply

RenjolynC
RenjolynC
November 23, 2021

Welcome to the QuickBooks Community, debs8.

 

When starting a new company, it's important to have a complete picture of your finances. 

 

If your client don't want to connect their bank, you'll want to manually enter the opening balance when you create an account. This helps ensure that everything matches with their bank records. 

 

Here's how you can add the account and enter the opening balance:

 

  1. Make sure you know the amount you need to enter for your opening balance. Tip: You can enter opening balances for accounts you just started at your real-life bank, or ones you've had for a while.
  2. Go to Accounting > Chart of accounts.
  3. Select New.
  4. Give the account a name, an account type, and a detail type. Add any other details, such as the default tax code, as necessary. Tip: Here are detailed steps for creating a new account.
  5. Choose when you want to start tracking your finances. In the Balance field, enter the amount in the account, and determine the as of date. Enter today's date if you want to start tracking immediately.
  6. When you're done, click Save and Close.

For reference, check out this link: Enter an opening balance for an account in QuickBooks Online.

 

On the other hand, if your client didn't provide the opening balance, you can still go back to it later on by creating a journal entry. You can find the details and steps in this article: What to do if you didn't enter an opening balance in QuickBooks Online.

 

Once done adding the accounts, you can start recording the sales transactions by going to the + New window.

 

To view other guides, please feel free to visit our general help topics page. This page will route you to the related help articles, Community discussions, video tutorials, and more.

 

Here's how:

 

  1. Go to this link: QuickBooks Support.
  2. Select QuickBooks Online under Select a product.
  3. Click the More topics button to see all options.
  4. Choose the topic you want to view.

Should you have other questions or concerns, please let me know in your reply below. I'll be glad to help you out some more. Take care and stay safe!

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