Should I enter opening balances in QuickBooks or mitchell1?

Mitchell 1 is an automotive shop program that integrates with QB.  They aren't sure where to enter the opening balances.

Answer

I'm here to help, alice.lubbers05.

We' recommend entering the opening balance for your account in QuickBooks Desktop.

Here's how:

  1. Click Lists at the top, select Chart of Accounts.
  2. In the Chart of Accounts window, right click anywhere and select New.
  3. Choose Bank or Credit Card for the Account Type, then click Continue.
  4. In the Add New Account screen:
    1. Fill out all required fields.
    2. Click the Enter Opening Balance button.
      If you have not entered any transaction yet, the Enter Opening Balance button will be available even after the account is setup. Once transactions are entered, you will see Change Opening Balance button instead.
    3. Enter the Ending Balance and Ending Date from the last bank or credit card statement you received before your QuickBooks Start Date.
    4. Click OK.
  5. Click Save & Close.

Please check the attached screenshot below.

For the detailed steps, please take a look at this article: Record opening balance.

If you still have questions for me about entering the opening balance of an account, don't hesitate to drop a comment below.

Opening_balance.PNG
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IntuitPrecious , Community Support Specialist
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