QuickBooks is excellent software that assists in accounting tasks and provides reliable accounting solutions to large scale enterprises and also to the small and medium-sized companies. The services provided are tax auditing and invoicing, to mention a few. The users sometimes face a few issues related to the software. The company facilitates dependable QuickBooks support to the users who face such technical difficulties. Entering opening balance in QuickBooks is one such example of the issues faced by the users of QuickBooks. You can read about entering the opening balance in QuickBooks below.
You can enter the opening balance in QuickBooks in two ways
- When the company file is being allocated or set up in the system.
- Entering a pre-dated transaction after the entry of major transactions.
Follow the steps below for inputting the opening balance
- Begin with creating the opening balance. Upon installation of the software, you will com come across a simple question and answer based interview. One of the questions will be if you want to add the back account? Go ahead by clicking on the yes tab and also click on the option of add a new account.
- In this step, specify the account you wish to create when naming it. The specification will be for payroll account or a checking account or operational account. Input the description, the bank account number.
- Now, input the balance, if you have opened a new account, then input a zero balance. Make liability balances and credit card balances. Navigate to the accounts chart and press ctrl key along with the N key.
- After this make an account for every credit card, liability, and loan associated with the business. Further, add an opening balance for these.
Get in touch with us
If you are facing technical issues such as entering opening balances, then you can contact accounting support for further assistance. Our team of professionals can help you in troubleshooting your issues and resolving with step by step instructions that can be easily understood. They can guide you with their professional in-depth knowledge and expertise into fixing the issues.
Robert Williams is a creative person who has been writing blogs and articles about QuickBooks Products and Services. He writes about the latest updates regarding Quickbooks Support and QuickBooks Customer Support how it can improve the work experience of users. His articles have been published in many popular e-magazines, blogs and websites.