Opening balances are entered into HawkSoft and QuickBooks® for any existing customer account balances or balances due to the carrier. These balances are carried over from your previous accounting management system to HawkSoft and QuickBooks at the beginning of an accounting period.
This article explains opening balances and how they are set up and entered into HawkSoft and QuickBooks.
Entering opening balances is a process typically performed by the Manager or Bookkeeper when setting up a new QuickBooks Company file or QuickBooks Online subscription, or before your agency begins using the Trust Accounting features in HawkSoft.
Determining Your Opening Balances
This article will help you be prepared before you begin entering your opening balances by understanding the information you will need before you get started.
Entering Opening Balances in QuickBooks
You must first enter all existing opening balances in QuickBooks® before integrating with HawkSoft:
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When creating a new QuickBooks company file or QuickBooks Online subscription
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When adding a bank account to your current QuickBooks company file or QuickBooks Online subscription
This article explains how to enter opening balances in QuickBooks for the start of a new accounting period.
Opening Balances Configuration
Opening balances are entered in HawkSoft and QuickBooks® for any existing customer account balances and unpaid company payables. This article explains the steps necessary to configure HawkSoft to process opening balances and synchronize those balances with QuickBooks.
Entering Customer Opening Balances in HawkSoft
Opening balance invoices and/or credit memos need to be entered for customers with a balance carried over from your previous accounting management system. Depending on how your retained commission was calculated in your previous accounting management system, you will either enter invoices and credit memos as gross premium or net premium.