Looking for the process to record an opening balance in QuickBooks? If yes, then reading this post till the end will surely help. This is basically the amount of money in a company’s account at the beginning of a new financial period or year. It is also known as the first entry that is done when a company starts its processes or after a year-end. The user can simply record an opening balance in QuickBooks using some set of steps, which we will be elaborating on later in this article. However, if there is any query or if the user requires our assistance, then in that case connecting with our tech tea at +1-844-405-0907 is recommended.
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Important points to remember
It is important to keep the below pointers in mind before heading forward.
- It is suggested to contact the accounting professional always before entering the opening balance.
- While setting up the account, the user can press F1 key or can simply click on the link that says- ‘Should I enter an opening balance?’. This will provide the information related to the opening balance
- Avoid entering the opening balance, if you do not have a balance prior to the QuickBooks start date.
- The user is allowed to enter the Opening Balances using one or more GJE that you may have created from the Balance Sheet for the previous fiscal year.
- This can be done when you start a new company with a date later than the actual one.
Enter Opening Balance in QuickBooks Desktop
The user can enter opening balance in QuickBooks using the steps below:
- The user needs to first click on chart of accounts from the company menu
- After that right click the windows and choose new
- Now, go for the account type – bank or credit card
- In the next step is Add new account screen will appear
- Enter all the details
- Also click on enter opening balance button
- This tab will only be available if you have not entered any transaction yet
- Once you enter a transaction, the button will change to change opening balance tab
- Enter ending date and ending balance from your credit card statement or last bank statement.
- Also, hit the OK tab.
- The next step is to click on save and close
- Go for an account type in QuickBooks to record opening balance
- In order to ensure that all your future reconciliation is accurate, you would be required to account for all the outstanding transactions in the credit card or bank.
We end this post right here with the hope that the information shared in above might be of some help in recording the opening balance in QuickBooks. However, if the user has any queries or if the user needs our assistance at some point, then connecting with our team at experts and certified QuickBooks professionals +1-844-405-0907 is recommended. We are a team of who work round the clock in providing immediate services.