how to enter vendor beginning balance

I would not enter beginning balances in any of those windows when setting up accounts, vendors, customers, or items.

This is what I do when I am starting a new file with existing data:

If you have an accurate trial balance from a previous month/year, enter it as one journal entry. (Do not enter any opening balances when setting up new accounts in the COA.)

For the Checking account, enter only the reconciled bank statement amount in that journal entry, but do not enter any a/r or a/p amounts.

Let the variance hit Opening Balance Equity.

Then, enter any outstanding checks/deposits and hit OBE. (use the write checks/make deposits windows)

Then, enter Unpaid Bills and Open Invoices, one at a time with the vendor/customer name. . offsetting OBE. (use the enter bills/create invoices windows - you will have to set up an item which points to OBE for the invoices)

When you complete these three steps, your OBE should be zero.

This will give you the detail of outstanding checks/deposits so that you can reconcile next month's bank statement.

This, also, will give you an accurate A/P and A/R with enough detail to move forward in paying bills and receiving payments.

If this answers your question, please mark this post as 'solved'. Otherwise, submit a comment for clarification.

Laura D

See my profile at:

http://proadvisor.intuit.com/r...