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You are here: Experts > Shopping > Credit/Debt Management > Quicken & Other Budget/Accounting Software > Quick Books - Opening balances
Expert: Linda Saltz, CPA, QBalance.com - 10/23/2009
Question
Please help me to key-in my opening balances on the Quick books? i'm using Quick Books Pro 2006. Thank you.
Answer
Hi Babylyn,
Its best and easiest to start as of the first day of your taxable year.
Setting up in mid-year will take more explanation than is possible within this forum.
Bank accounts:
For Bank accounts, start with the balance per bank as of your start date and enter
using a bank deposit form. Post to Opening balance equity
From your bank reconciliation just prior to your start date, enter the uncleared checks into QuickBooks.
Accounts Receivable:
Enter each unpaid invoice as of your start date
Accounts Payable
enter each unpaid Bill from your vendor as of your start date
Inventory
From the vendor menu > inventory activities > inventory adjustment
Enter the Quantity and cost value as of the start date
All other Asset and liability accounts. Enter using a journal entry
Company menu > make journal entry
Assets generally are entered using the DEBIT column
Accumulated Depreciation is entered using a CREDIT column
Fixed Assets are entered using the Debit Column
Other Assets are entered using the Debit Column
Liabilities are entered using the Credit Column
Common stock or capital is entered using the Credit Column
Retained Earnings is entered using the Credit Column
The OFFSET will be posted to Opening Balance Equity.
Hope this helps,
Linda Saltz, CPA
Advanced Certified QuickBooks Advisor
www.qbalance.com
We sell QuickBooks Checks at a discount!
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