Quickbooks Support

Call-on-Quickbooks-Customer-Support-and-Know-How-to-Enter-a-Beginning-Balance-for-an-Existing-Account.

In-this-article-you-will-learn-how-to-enter-a-beginning-balance-for-an-existing-account-in-Quickbooks.-To-know-more-call-on-Quickbooks-Customer-Support.

By-creating-a-journal-entry-to-offset-the-Opening-Balance-Equity-you-can-easily-enter-an-opening-balance-for-an-existing-account

•-QuickBooks-Online-debits-the-new-account-and-then-credits-the-Opening-Balance-Equity-account-in-case-of-assets-and-expense-accounts

•-QuickBooks-Online-credits-the-account-and-then-debits-the-Opening-Balance-Equity-account-in-case-of-liabilities,-equity,-and-income-accounts

•-Once-you-have-entered-the-beginning-balance-for-accounts-with-a-register-you-need-to-mark-it-as-reconciled.

How-to-enter-an-opening-balance-journal-entry?

Follow-these-steps-to-enter-an-opening-balance-journal-entry:

•-Click-on-thePlus-icon-(+)-present-on-the-Toolbar.

•-Select-Journal-Entry-under-Other.

•-Enter-the-date-of-Journal.

•-Specify-the-Account-on-the-first-line-to-enter-the-opening-balance-for.

•-In-either-the-Debit-or-Credit-column-enter-the-opening-balance-amount-depending-on-the-account-type.

•-For-assets-and-expense-accounts-in-the-Debit-column-enter-the-opening-balance-amount

•-For-liabilities,-equity,-and-income-accounts-in-the-Credit-column-enter-the-opening-balance-amount

•-Depending-on-the-entry-in-the-Account-column-specify-one-of-the-following-in-the-Name-field:

•-If-you-selected-Accounts-Receivable/Debtors-specify-a-Customer-name

•-If-you-selected-Accounts-Payable/Creditors-specify-a-Vendor-name

•-In-the-Account-column,-select-the-Opening-Balance-Equity-account-on-the-next-line.

•-In-either-the-Debit-or-Credit-column-enter-the-opening-balance;-make-sure-that-you-are-entering-it-in-the-opposite-column-used-on-the-first-line.

For-Example:-You-must-enter-this-amount-in-the-Credit-column-if-you-have-entered-the-amount-on-the-first-line-in-the-Debit-column

•-Click-on-Save.

•-(This-step-is-Optional)-Identify-the-Location-and-Class-and-enter-a-Memo-for-the-transaction-if-you-have-preferences-turned-on.

•-Go-to-the-register-to-mark-this-transaction-as-reconciled-if-the-account-has-a-register,-such-as-a-bank-or-credit-card-account

How-to-mark-the-transaction-as-reconciled?

Follow-these-steps-to-reconcile-the-opening-balance-transaction:

•-Click-on-the-Gear-icon-present-on-the-Toolbar.

•-Select-Chart-of-Accounts-under-your-company.

•-Locate-the-account-for-the-transaction.

•-Select-View-Register-from-the-Action-column

•-Click-on-the-Opening-Balance-transaction.

•-Indicating-the-transaction-has-been-reconciled-select-the-column-labeled-with-a-check-mark-until-a-letter-R-appears

•-Click-on-Save.

To-know-more-on-how-to-enter-a-beginning-balance-for-an-existing-account-in-Quickbooks-call-Quickbooks-customer-support.-Also,-you-can-write-us-at-support@quickbooksupport.net-.Feel-free-to-reach-us-anytime;-our-team-of-executives-is-24/7-available-at-your-service.-For-more-information-visit,-www.quickbooksupport.net.

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