QUESTION

How to bring your opening balances into QuickBooks?

RESOLUTION

Customer Accounts Receivable

• First, import your customer list into QuickBooks with Transaction Pro Importer.

• Set up a default item in QuickBooks that uses an account called Opening Balance Equity. This will ensure that the credit side of the entry does not post to sales but to a balance sheet account. You will provide this value in the Transaction Pro Importer mapping as a static value next to the QuickBooks Item field.

• Then, use the invoice import to import all the open invoices as of the start date of the QuickBooks company file. You can bring in detailed line items or just one line for each invoice with the total amount.

Customer Open Estimates and Open Sales Orders

• Follow the same steps as outlined above under Customer Accounts Receivable.

Vendor Accounts Payable

• First, import your vendor list to QuickBooks with Transaction Pro Importer.

• Set up an equity account in QuickBooks called Opening Balance Equity. This is so the debit side of the entry does not post to expenses but to a balance sheet account. You will provide this value in the Transaction Pro Importer mapping as a static value next to the QuickBooks Expense Account field. If you use items on your vendor transactions, follow the same steps as in the Accounts Receivable section above.

• Then, import all the open bills as of the start date of the QuickBooks company file using our bill import. You can bring in detailed line items or just one line for each invoice with the total amount.

Vendor Open Purchase Orders

• Follow the same steps as outlined above under Vendor Accounts Payable.

Inventory Quantity on Hand

• First, import your item list to QuickBooks with Transaction Pro Importer.

• Import your Quantity on Hand and Values using the import type, Inventory Adjustment.

Other Balance Sheet Accounts

• When you first start the new QuickBooks company file, you should first import the chart of accounts.

• Run a trial balance or balance sheet as of the last closed period and subtract out any balances already in the new QuickBooks company file to calculate the remaining balances to be imported.

• Import these remaining balances as journal entries using Transaction Pro Importer.