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.
Before entering your opening balances, gather the following information to help you set up and create the opening balance invoices, as well as enter your banking information into QuickBooks.
- Start date for balances (the date you will begin the accounting period)
- Starting balance information from your previous management system, spreadsheet, etc.
- Current customers with balances from your previous management system (this includes both amounts due and credits on account)
- Items invoiced to the customer prior to the Opening Balance date and not yet paid to the carrier
- Current bank statement balance
- Open bank transactions, entered in your previous system or from the previous month, that have not been posted to the bank account until this new accounting term
The Opening Balance Equity Account is a special clearing account created by QuickBooks. Search "Opening Balance Equity" in QuickBooks help to learn more.
You are ready to begin entering your opening balances in QuickBooks.