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How do I enter opening balances for individual customers manually. Already raised invoices in QB without putting the opening balance in first so how do I put them in now?
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Apologies, as I think I am not being quite clear enough. There is no opening balance entry to find to be able to edit as the greyed out area is £0.00, as I haven't put any opening balances in as yet but have raised invoices in January 2021. I need to retrospectively enter the opening balances.
You can create a Journal Entry to enter the customer's opening balance, rita-coastcareho.
Then, debit the Accounts Receivable account to increase the balance. Here's how:
- Click the + New button in the upper-left hand corner and click Journal Entry.
- Enter the date when you want to retroactively record the opening balance in the Journal date field.
- Proceed to the Account column and select Accounts Receivable in the first line.
- Enter the amount in the Debits column.
- Go to the second and enter the a second account to balance the entry. You'll want to reach out to your accountant if you're unsure which account to use.
- Enter the name of the customer in the Name column.
- Click Save and close.
Repeat the same steps for the rest of the customers. Let me share this article for more details about this option: What To Do If You Didn't Enter An Opening Balance In QuickBooks Online.
Just in case you have not completed your year-end tasks, you can check out this article for additional guidance and reference: QuickBooks Online Year-end Guide And Checklist.
I'd be glad to jump right back if you have follow-up questions. I'm always here to help.
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