I am almost a year into entering accounts onto Quickbooks for a client. All supplier invoices and customer receipts have pretty much been entered but I have only just received the bank statements to reconcile/make payments on QB etc. I've looked in the help window on QB as I need to enter the opening bank balance and I don't know how to on here (can do it easily on Sage). Is it best to do a journal? If so what journal? I've never had to do it so far into the year, I've always been given the opening balances by clients from the beginning.
I am assuming there is already payments gone through the bank, if so I think you will have to journal it in. I think from memory it only gives the option to enter the opening balance when foirst setting up the bank account. I haven't got mine open at the moment so can't check. Also what version are you on? I am talking about my old Pro2008, as when I have transfered data across to Version 2013, it has been just transfering the whole file so I have not had to enter any opening balances.
I what you said but when you go to Change opening Balance it takes you to the account as if you were entering a transaction - thats where I become stuck. What would the transaction be? You have to put an account for the transaction to go through???
On the one I'm looking at, I had put an opening balance in so I can scroll to the top and just change the number. If you don't have one you can put the amount in the box where is it says deposit (if credit balance) and put Share Capital Account where it says account. Put the right date in on the left as well. You do need to get rid of all money in the share capital account the day before your start date.
I recommend you buy Quickbooks for Dummies. It gives a step by step run through of how to do all of this. It's one of the only books I could find that was written for the UK Quickbooks and it's very well written.
