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InterviewSolution
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You Are Setting Up A Quickbooks File From Scratch For A Company That Has Been Open For Many Years, How Do You Handle Opening Balances Of Assets And Liabilities? How Should You Enter A/r Or A/p Opening Balances? |
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Answer» Enter a JOURNAL entry for all BALANCE sheet items using last year’s TAX return or FINANCIAL statement prepared by accountant. Also the opening balances could be created when new accounts are created in the Chart of Accounts For Inventory Items, they must be entered with beginning balances as they are created in QuickBooks using the item list. A/R & A/P must be entered by creating customers or vendors with an opening balance. Enter a journal entry for all balance sheet items using last year’s tax return or financial statement prepared by accountant. Also the opening balances could be created when new accounts are created in the Chart of Accounts For Inventory Items, they must be entered with beginning balances as they are created in QuickBooks using the item list. A/R & A/P must be entered by creating customers or vendors with an opening balance. |
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