Skip to main content
D
daliborkatrainor
October 8, 2024
Question

New client set up into QBO who had previous balance sheet balances for last fiscal period ending Dec 31. How do I get those YE balances in as opening balances manually?

  • October 8, 2024
  • 2 replies
  • 0 views
We have set up chart of accounts, connected bank and credit card accounts, and imported all transactions from Jan 1 to present. Before reconciling over 800 transactions, how do I make sure the opening balances are entered into Balance Sheet accounts so that my beginning Balance Sheet matches the year end Balance Sheet?

2 replies

H
Henock K
October 8, 2024

Hi daliborkatrainor,

Welcome to the Community. It's essential you're able to record your transactions correctly to keep track of your books. QuickBooks Online is a great program that gives you the ability to easily track your sales and expenses. I'd be glad to help.

I encourage you to review the following articles for opening balances. 

 

 

Let me know if you have questions, I'll be happy to help.

 

MaximumBookkeeping
MaximumBookkeeping
October 8, 2024

You take their final trial balance and make a journal entry as of Dec 31st.

D
daliborkatrainorAuthor
October 8, 2024

Yes I understand that I take my  balances and make journal entries but as I am new to this I don’t know what the journal entries would be. Can you give me an example? If I had an Accounts Receivable balance, would I debit Accounts Receivabel and credit what account?

MaximumBookkeeping
MaximumBookkeeping
October 8, 2024

You ask the client to provide you with their financial statements. Most of the time, their tax accountant has provided a final trial balance in it. You just use those numbers in a journal entry. The debits and credits should match up perfectly.

Terms & ConditionsAccessibility statement