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Enter opening balances for customer and vendor accounts

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.

Financial information that is part of this fiscal year, but before your QuickBooks start date

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.

From your start date up to today's date

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

  • Customer returns

  • Payments received from customers

  • Deposits

  • Sales tax payments

  • Bills from vendors

  • Credits from vendors

  • Bill payments

See also

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