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Enter a year-to-date opening balance for income and expense accounts

Ask your accountant for the year-to-date balances for your income and expense accounts.

I need to:

  • Enter a year-to-date opening balance for an income account

    1. Choose Lists > Chart of Accounts. Open the Chart of Accounts

    2. Double-click the Opening Bal Equity account.

    3. Go to the blank line at the bottom of the register.

    4. In the Decrease column, enter the total year-to-date amount of your income.

    5. Click Splits.

    6. In the Account column, enter an income account.

    7. In the Amount column, enter the amount received to date for this account.

    8. Repeat steps 6 and 7 for all income accounts with a balance.

    9. Click Record when done.

  • Enter a year-to-date opening balance for an expense account

    1. Choose Lists > Chart of Accounts. Open the Chart of Accounts

    2. Double-click the Opening Bal Equity account.

    3. Go to the blank line at the bottom of the register.

    4. In the Increase column, enter the total year-to-date amount of your expenses.

    5. Click Splits.

    6. In the Account column, enter an expense account.

    7. In the Amount column, enter the amount of the incurred expenses for this account.

    8. Repeat steps 6 and 7 for all expense accounts with a balance.

    9. Click Record when done.

KB ID# H_COA_TASK_INC_EXP_ACCOUNT_ENTER_YTD_OPEN_BAL
9/24/2016 10:26:48 PM
PPRDQSSWS406 9138 Pro 2017 fcf499