Does anyone know how you enter opening balances for suppliers in Quickbooks from the previous year?
I know with sage there are two steps, one for the TB A/C's payable figure, and then entering the individual balances to suspense or something, then cancelling it out somehow, but I can't figure it out with quickbooks?
If I put the opening balances in, at the last year end date, it automatically wants me to put it into an expense account, as the other side is accounts payable.
Sorry if this is unclear, and I'm rambling, just stuck!!!
If you need to set up the supplier as a new one, there is a place to enter the opening balance there. (it will post the oposite side to accounts payable)..
If the supplier is already set up you can go into -chart of accounts, highlight accounts payable and select activities at the bottom then click use register and enter all details there i.e date, select the supplier, date due and amount billed. You will then have the amount owed in accounts payable and also the suppliers account
