For each customer, enter the amount owed to you on your start date. For each
vendor, enter the amount you owed on your start date.
If you do not know the opening balance, you can:
Select a different start date for which you do know the opening balance.
Figure out the opening balance. For example, if you know what a customer
owes you today, you can reconstruct what they owed you at your start date
by subtracting any payments they made between then and now, and adding
any billings between then and now.
Ask your accountant for the year-to-date balances for your accounts.
As you add a customer or add a vendor, enter an
opening balance with an as of date that is the same as your
start date. To edit or add this information to an existing customer,
use the customer's register.
When you enter the opening balance for your customers,
you're building the accounts receivable (A/R) opening balance. When
you enter the opening balance for your vendors, you're building
the accounts payable (A/P) opening balance.
If you enter the following types of transactions using the
standard QuickBooks sales forms (invoices, checks, and bills) you ensure that your A/R and A/P accounts (and
income and expense accounts) are accurate and up-to-date:
Invoices and sales receipts with sales tax, if appropriate
Payments received from customers
Sales tax payments
Bills from vendors
Credits from vendors
Fix a customer's opening balance
Fix a vendor's opening balance