The method you use to enter opening balances for customers and vendors will depend on whether the balances existed before your QuickBooks start date, or if they were acquired after the start date. Use the method that best fits your situation.
Important: If you want to keep track of individual sales or bills that make up your customer and vendor opening balances, enter each unpaid invoice and unpaid bill instead of entering a total balance for each customer and vendor. The unpaid transactions will result in open balances for customers and vendors, and those balances will collectively result in A/R and A/P opening balances
For balances that existed before your start date, and that fall within this fiscal year:
Note: If a customer or vendor was created without an opening balance, you can still enter an opening balance transaction for them using the standard QuickBooks forms and your company start date. Please see the information below about balances acquired after your start date.
For balances acquired from your start date through today:
Use the standard QuickBooks forms to enter individual transactions that have occurred since your start date. This ensures that your A/R and A/P accounts, along with your income and expense accounts, are accurate and up-to-date. The following transactions types should be entered with the standard QuickBooks forms:
For information on using QuickBooks forms, please refer to the QuickBooks in product help