New Supplier
QuickBooks UKIm setting up accounts for next financial year Apr 2012 - Mar 2013. When I add new supplier it is not letting me put a starting balance in. We buy and sell in USD. How can I put in starting balance
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03/01/12 6:48am PST
Viewed by asker 03/08/12 5:38am PST
Viewed by asker 03/08/12 5:38am PST
5 Replies
Graceman
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Questions answered: 15425
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Intuit Moderator
Mod/Co-mod
03/01/12 7:18am PST
you do it by journal to/from opening balance equity account and accounts payable, with name of supplier in name column.
Set currency and exchange rate and its done.
But why as if you have qb accounts for 2011 to 2012 then QB just rolls forward into new year. There is no need to do anything.
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03/01/12 8:58am PST
last year was my first year using Quickbooks. I went on a course for QB in February and realised I was not using it correctly. I was self taught before I attended the course. We are a small business so I was advised to set up my new company for 2011-2012 financial year. Its like starting from scratch
when I add supplier I put in the name then from drop down menu choose USD. When I do this I am not able to input the balance. This is what I am trying to do
Any suggestions
Graceman
Questions asked: 86
Questions answered: 15425
Points earned: 31823
Questions answered: 15425
Points earned: 31823
AllStar UK
Advisory council of community power users within the UK.
Allstar
Advisory council of community power users.
Intuit Moderator
Mod/Co-mod
03/05/12 5:06am PST
If you have a new supplier and its set up as a currency then the only way is to take on the opening balance is by journal which you should be doing for all the opening balances in QB based on the TB if you are starting to take from existing accounts packages.
The reason you cannot take on the opening balance via the create new customer is because its a currency customer and involves exchange rates which you need to set or calaculate as to what exchangre rate to use, for the opening balance.
Its often easier in these cases to re enter the open transactions using the exchange rate of the original transaction.
If this post was helpful or answers your question, please either mark the answer as Helpful or Solved. This will then close your topic). Otherwise, let us know if you have more questions.
03/05/12 12:32pm PST
Latest post
When taking on opening balances in Qb you journal all these to/from teh opening balance equity account, the direction of debit credit denotes teh positive or negative nature of the balance. This account will ebb & flow as you enter transactions but eventually it wil result in a TB that equals the Tb from existing accounts package and the opening balance equity account at zero.
The Customer & supplier balances require that the Accounst receivable/payables account is used opposite the opening balance equity account and the name of the customer/supplier is entered in the name column.
In multi currency systems you have accounts receivable for each currency set up so teh journal is :-
"accounts recivable" in first line account column with the USD amount in Debit column with customer name in name column then next line "opening balance equity" in account column credit column the same amount. (This is if the balance is owed to you and you have to receive this amount reverse the debit/credit if its credit on the account)
You do need to set the exchange rate and the currency of the transaction it can be in either GBP or USD but the result is that the correct dollar amount is posted to the customer account.
Using the USD as the currency of the journal acheives the first objective but you might have to use an exchange rate specific to the take on to the correct balance in the opeing balance equity account. It might mean a little tweaking at end of data take on.
