Owners Equity
how come when i enter my opening Balances for A/R and A/P it does not have an affect onmy opening Balance Equity Account? Thus, leaving me with an innaccurate balance in my opening balance equity account
1
58
dibseJcfSr36jyacfA8pyY
01/23/10 12:18pm PST
Viewed by asker 03/22/10 2:39pm PDT
Viewed by asker 03/22/10 2:39pm PDT
3 Replies
raywhite28
Questions asked: 3
Questions answered: 47569
Points earned: 156263
Questions answered: 47569
Points earned: 156263
Advanced Certified ProAdvisor
These ProAdvisors have successfully completed extended training, distinguishing themselves as highly proficient QuickBooks experts.
Certified ProAdvisor
Certified ProAdvisors have successfully completed an extensive and rigorous QuickBooks certification program.
Accountant Community AllStar
Advisory council of Accountant community power users.
Allstar
Advisory council of community power users.
ProAdvisor
Members of the QuickBooks ProAdvisor Program
Intuit Moderator
Mod/Co-mod
Certified ProAdvisor - ES
These ProAdvisors have successfully completed extended training, distinguishing themselves as highly proficient Enterprise Solutions experts
Certified ProAdvisor - POS
These ProAdvisors have successfully completed extended training, distinguishing themselves as highly proficient QuickBooks POS experts
01/23/10 3:33pm PST
If you are using an item, the item sale account should be Opening Balance Equity.
Hope this helps. If so please mark solved, if not please ask more questions. Thanks!
01/24/10 9:19am PST
I was not using an item. I just set up the A/P and A/R accounts in the chart of accounts and then made a journal entry to record the opening balances. Is this the correct way to do it?
raywhite28
Questions asked: 3
Questions answered: 47569
Points earned: 156263
Questions answered: 47569
Points earned: 156263
Advanced Certified ProAdvisor
These ProAdvisors have successfully completed extended training, distinguishing themselves as highly proficient QuickBooks experts.
Certified ProAdvisor
Certified ProAdvisors have successfully completed an extensive and rigorous QuickBooks certification program.
Accountant Community AllStar
Advisory council of Accountant community power users.
Allstar
Advisory council of community power users.
ProAdvisor
Members of the QuickBooks ProAdvisor Program
Intuit Moderator
Mod/Co-mod
Certified ProAdvisor - ES
These ProAdvisors have successfully completed extended training, distinguishing themselves as highly proficient Enterprise Solutions experts
Certified ProAdvisor - POS
These ProAdvisors have successfully completed extended training, distinguishing themselves as highly proficient QuickBooks POS experts
01/24/10 11:39am PST
Latest post
Best Answer - Chosen by the Community
You should use an invoice to set up the Opening A/R balances by each customer & a bill to setup the opening A/P balances for the vendors.
Hope this helps. If so please mark solved, if not please ask more questions. Thanks!
