I am trying to set up a company on QB as of Jan 2009 so I asked the accountant for Chart of Accounts. I have tried to enter in the balances but it asks for a debit and credit for each account. Should the accountant provide this?
If the accountant doesn't provide the opening trial balance, you can use the 2008 tax return to get the data if they are not a sole proprietorship.
I do have the balance sheet from December 08, but when I try to enter in the amount,for example, for a fixed asset it is asking me not only for the account I am going to debit but the account I am going to credit. Should I know this? :)
You should record a long journal entry. All the asset accounts are debits (except accumulated depreciation) and all the liability accounts should be credits. When you go from one line to the next in a journal entry, QuickBooks will give you the amount that balances the entry. Don't worry about it (until you get to the last line), just overwrite the amount QuickBooks gives with the one you know the line should have.
I hope I could help.
