Small Business owners can use QuickBooks to keep track of their payroll and expenses. Before you start using QuickBooks you have to enter opening balance. Whenever you feed the data make sure that it is correct because you may find it difficult to change the data later. This article will give the details about How To Enter opening balance in QuickBooks. You can talk to our experts at QuickBooks Support Phone Number +1800-778-7614 for more information.
How To Enter Opening Balance In QuickBooks?
An opening balance is the number of funds in your account at the start of the fiscal year or during initial set up. Below is the process to Enter Opening Balance In QuickBooks for various accounts. If you need any assistance in performing the below steps then you can contact QuickBooks Customer Support for instant assistance.
For Bank And Credit Card Account
- Navigate to the Company menu and choose Chart of Accounts.
- Right-click anywhere In the Chart of Accounts window and click New.
- Select Bank or Credit Card for the Account Type.
- In the Add New Account screen:
- Fill details in the required fields
- Choose the Enter Opening Balance button. Without any transaction in it, the Enter Opening Balance button will be still available after the account setup. As soon as you enter any transaction it changes to Change Opening Balance button
- Now put the earlier balance and ending date from your last bank or card statement before the start date of your QuickBooks.
- Click Ok
- Click on Save & Close.
For Other Balance Sheet Account
Through the Chart of Accounts
- Navigate to Setting icon and press Chart Of Accounts.
- Right-click anywhere in the Chart of Accounts window and click New.
- Select the correct Account Type.
- In the Add New Account screen:
- Enter all the required details.
- Hit the Enter Opening Balance
- Type the funds of the opening balance and the date. Put the date before your QuickBooks start date.
- Click Ok.
- Click Save & Close.
Using a journal entry
- Open the Company menu and click Make General Journal Entries.
- Enter the date and a number for the journal entry.
- From the Account column, choose or create the account to be entered.
- Now enter the account balance as a positive amount in the suitable column as per your account type.
- Do the above two steps for each
- After entering all balances, the totals in the Debit and Credit column should match.
- When all balances have been entered, the totals in the Debit and Credit columns must be equal. You can use the Opening Balance Equity account for the counterbalance for any difference between the two columns.
- Choose Save & Close.
- Create additional journal entries to enter the balances for the accounts which are not included in the first entry like accounts receivable, accounts payable, sales tax payable, etc.
Through the Register
If there are transactions in the account then you need to open account register to enter the opening balance:
- Navigate to the Settings icon and click on Chart Of Accounts.
- Choose the account to enter the opening balance and from Edit option click on Use Register:
- Fill the details for the new transaction as follows:
- Date: Date of the opening balance.
- Number/Type: Leave as blank.
- Payee: (Optional) Enter the Opening Balance.
- Account: Click Opening Bal Equity.
- Payment or Deposit: Enter the amount in Deposit if it is positive, or in Payment field it is negative.
- Click Record.
Income and Expense accounts
There is no facility to enter an opening balance for income and expense accounts because their balances come from transactions that the user enter such as checks, bills or invoices.
Technical Support For QuickBooks Issues
With the help of the above step, you can easily enter the opening balance in QuickBooks. If you face any issue then you can contact QuickBooks Support +1800-778-7614 for instant resolution of your issues. Our helpline is reachable round the clock so that you don’t have to wait any further. The certified and experienced technicians will listen to you QuickBooks issues and provide the best resolution in quick time.