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November 11, 2023
Question

How do i enter opening gl balances for income and expenses

  • November 11, 2023
  • 1 reply
  • 0 views
QB will let me enter balance sheet opening balances but no option to enter income and expenses opening balances

1 reply

November 11, 2023

Welcome to the Community space, @kehargette.

 

I understand that this might be new to you. Let me share some insights on why you cannot enter the General Ledger's opening balances for income and expense. Income and expense accounts are accounts that merely track your earnings and spending.

 

For now, you can visit this article if you decide to create a journal entry so you'll be able to enter transactions. This allow you to transfer funds between accounts and ensure your financial records are in balance according to specific guidelines. Also, if you want to know what to do if you still need to enter an opening balance in QuickBooks Online, you can view this article.

 

If you need any assistance or have questions, please don't hesitate to contact us. We are always happy to help.