How to Enter Opening Balances via a Journal Entry in QBO

Описание: Looking for help with QuickBooks? Check out my QBO resources here: https://www.montrealfinancial.ca/quic...
=================================================================================
Need more personalized guidance on navigating, understanding or cleaning up QuickBooks? Book a consultation with me:
https://www.montrealfinancial.ca/serv...
================================================================================
When you are transitioning from another accounting system it is essential to enter opening balances. I go through each step of the process including how to enter Accounts Receivable and Accounts Payable and we review the reports to see the impact of the journal entry.
Related Blog Post
https://www.montrealfinancial.ca/blog...

To see how to enter opening balances for inventory, check out this video:    • How to Set Up Opening Inventory in QBO  

00:00 Introduction
00:11 Why Enter Opening Balances
01:16 First Step - Prior Opening Balances
03:11 Review of Balance Sheet
04:46 Create Journal Entry
07:08 Journal Entry: Debits vs Credits
08:43 Journal Entry Accounts Receivable
10:58 Journal Entry: Fixed Assets
11:48 Journal Entry: Add Account
12:36 Journal Entry: Accounts Payable
13:56 Journal Entry: Other Liaibilities
15:29 Journal Entry: Equity
18:11 Journal Entry: Other Fields
19:48 Journal Entry: Attachments
20:41 Review Open Balances in Balance Sheet
21:26 Review AR Aging Open Balances
21:43 Review AP Aging Open Balances
22:21 Note on Using Trial Balance