Question

AP Opening balance

Forum|Forum|3 years ago
March 30, 2023
1 reply
3 views

Hi,

I amalgamated two companies, open new company in QBO, want to have an opening balance for AP, can't find the way to do it.

Please help.

QuickBooks Online

T

Trish_T

QuickBooks Team

Hi Matar,

Thanks for reaching out here. It's important that you're able to enter an opening balance for your accounts in QuickBooks Online. I'd be happy to help!

If you've connected your bank and credit card accounts, QuickBooks will automatically download the historical transactions up to a certain date, then enters the opening balance and date for you, based on the totals. However, if your accounts aren't connected to online banking, follow these steps to enter an opening balance;

1. Open your Settings ⚙ and select Chart of accounts

2. Hit New

3. Give the account a Name

4. Choose an Account Type and a Detail type

5. Add any other details, such as the Default Tax code, as necessary

6. Choose when you want to start tracking your finances. In the Balance field, enter the amount in the account, and determine the As of date. Enter today's date if you want to start tracking immediately.

7. When you're done, select Save and Close.

Here's a helpful guide to assist you with entering an opening balance after an account is created.

If you have any other questions, please don't hesitate to get back to us. We'd be glad to assist!

MatarAuthor

Hi Trich,

Thank you for trying to help, my question was specifically regarding the AP opening balance, this has nothing to do with my connection with my bank.

Regards.

T

Trish_T

QuickBooks Team

Hi Matar,

Thanks for getting back to me. In your situation, you'll enter the opening balance with a journal entry. Here's how;

1. Open + New, from the left menu and select Journal entry

2. Enter a date that falls before the oldest transaction in the account, for the opening balance date

3. In the first row under the Account column, select the ▼ dropdown menu and choose the account you want to enter the opening balance for

4. Enter a note in the Description field, as you feel necessary

5. On the second line under the Account column, choose Opening Balance Equity from the ▼ dropdown menu

5. Use your bank statement to enter the opening balance of your real-life account, for the date you picked as the opening balance.

6. Enter the debits and credits based on the type of account you entered on the first line

7. For Accounts payable, enter the Name of the supplier you owe money to

8. Enter the opening balance as a credit to increase the balance, or enter it as a debit to decrease the balance. Then, enter the same amount in the opposite column in the second row.

9. Hit Save and close

10. Go to your Chart of accounts and locate the Accounts payable account

11. Open the Account history located in the Action column

12. Click on the Journal entry to expand the view

13. Click on the box in the Checkmark column until you see an 'R' and hit Save

Your opening balance has been created and reconciled, so your account should be balanced.

Should you require additional assistance, please don't hesitate to contact us. With your consent, our customer Care team can work with you in real time, and ensure you're able to successfully enter an opening balance as soon as possible!

Schedule a Callback or start a Chat: click (?) Help in the upper right in QuickBooks Online > enter "Contact support" > hit Contact Us > provide a brief summary of your situation > hit Let's Talk > choose Get a callback or Start a Chat.
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Support hours are from Monday to Friday between 9 a.m. and 8 p.m. ET.

I hope this helps! If you have other questions or concerns, we're here for you!

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