Do not forget to include the name of the vendor or customer in the names column of journal entries to accounts receivable, sales tax payable and accounts payable.Therefore, you need to have multiple journal entries to load the balances for these accounts. Per journal entry, you can enter only one accounts payable or receivable transaction.When you enter balances from the beginning of the year, then you can enter balance for the previous year’s retained earnings instead of entering each income, expense and cost of goods sold.Use Opening Balance Equity account as the offset account so that you keep the journal entries in balance.You should keep the following points in mind if you are using journal entries in order to record the opening balances: This can be done when you start a new company with the date later than the actual one. You are 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.Also, you must not enter the opening balance, if you do not have balance prior to the QuickBooks start date.In this way, you can get information about the opening balances. While setting up the account, you can press F1 key or you can simply click on the link that says- ‘Should I enter an opening balance?’.
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It is considered a good option to contact the accounting professional always before entering the opening balance.However, to save time and effort, the user can contact our QuickBooks support team via our toll-free number i.e. This article details the steps in entering or editing opening balance in QuickBooks Desktop. There are various steps to edit or enter the opening balance in QuickBooks Desktop. This is known as the first entry that is done when a company starts its processes or after a year-end. Opening balance is basically the amount of money in a company’s account at the beginning of a new financial period or year.
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