How do I balance my accounts when i've transferred data from a previous version of quickbooks (quickbooks pro 2014 to online 2019)?

Hello @dianneford ,

The goal, when switching systems is to have your Trial Balance in the new system agree exactly with the Trial Balance in the old system, as of a particular ending date.

All entries you make in the new system, will be posted to their respective accounts, with the double entry going to Opening Balance Equity.

Many balance sheet accounts will require more than just entering a balance posted against Opening Balance Equity:

• Create customer accounts for all of your customers then enter outstanding balances against those customers as individual transactions so you can receive future payments against them
• Create vendor accounts for all of your vendors/suppliers then enter outstanding balances against those vendors as individual transactions so you can pay future bill payments against them
• Set up all bank accounts then enter all outstanding amounts individually so they can be reconciled properly
• Set up all credit card accounts then enter outstanding balances as individual transactions against each credit card so they can be reconciled properly
• When entering outstanding GST/HST Payable and/or PST Payable, ensure that in the JE, you tab over and enter the applicable Tax Line so they show up on your tax reports properly
• Create inventory items and make individual entries for each item so that your opening balances reflect your actual inventory count at end of last period

Once all of your accounts are in agreement in both systems, you should find that when you make an entry to clear the Opening Balance Equity account to Retained Earnings, that the Retained Earnings on the new balance sheet will match the retained earnings on the old balance sheet exactly.  You should be left with no balance at all in the Opening Balance Equity Account.

Good luck!