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Nov 19, 2023 11:26 PM UTC
Question

I recently found out I have receivables, but I haven't declared this in opening balance, what's the best way to record

How do I enter it?  Do I use a Journal Entry?  

Can I confirm if it's Accounts Receivable- debit/ Opening balance equity- credit?

1 reply

Rubielyn_J
Nov 20, 2023 2:15 AM UTC

Hello there, @jang430.

 

I'm here to share details and ensure a proper recording of your data in QuickBooks Online.

 

There are multiple methods available for recording receivables in QBO. You can opt to receive payments directly, which allows for a straightforward and immediate update of the accounts receivable balance. 

 

Another method involves creating a journal entry, which provides more detailed control over the recording process and allows for specific adjustments to be made. If you're unsure about the accounts to be used, it's recommended to consult with an accountant for guidance tailored to your specific situation.

 

Additionally, I'll be sharing this link that offers valuable resources and guidance on managing your accounts receivable in QuickBooks Online: What is accounts receivable? How to manage in 2024. This resource can serve as a helpful tool to enhance your understanding and optimize your accounts receivable management processes: 

 

If you have any further questions or need assistance with any other accounting matters and recording your receivables, please don't hesitate to reach out. We're here to help you navigate through these processes.