Contact Quickbooks Support And Know How To Setup Customer Or Vendor Opening Balance

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In this article you will learn how to set up customer or vendor opening balance. To know more contact Quickbooks support. 

How to setting up a customer opening balance? 

• Select Sales from the left menu

• Click on Customers.

• Select New Customer upper right.

• Enter customer information.

• Go to the Payments and Billing which is between the Tax info and Attachments tabs, then enter Opening Balance and as of date (most likely the date you started your QuickBooks Online account).

• Select Save.

What accounts are impacted when entering a customer Opening Balance?

Income and Accounts Payable (A/P) / Trade and other receivable accounts are affected when you try entering an Opening balance during a vendor/vendor set up. When the QuickBooks Online subscription is created the income account is selected as the default account. On the transaction journal, it appears in the credit column and once the original transaction is created then only it can be edited.

Follow these steps to edit the income account that the opening balance is assigned to:

• Select Sales from the left menu.

• Click on Customers.

• Choose the customer.

• Click on Opening Balance Invoice.

• Select the drop-down in the Product/service column and choose another item.

• Click on Save.

In the Debit column of a transaction journal, accounts receivable appears. Until the invoice is paid, the customer still owes you money and will stay in Accounts receivable.

How to set up a vendor/vendor opening balance?

Follow these steps to set up a vendor/vendor opening balance in QuickBooks Online:

• Click on Expenses 

• Select Vendors.

• On the upper right,click on New Vendor/Vendor.

• Enter the information required for the vendor.

• Enter Opening Balance on the date when started your Quickbooks Online account).

• Click on Save.

What accounts are impacted when entering a Vendor/Vendor Opening Balance?

Income and Accounts Payable (A/P) / Trade and other Payable accounts are affected when you try entering an Opening balance during a vendor/vendor set up. When the QuickBooks Online subscription is created the Expense account is selected as the default account. On the transaction journal, it appears in the Debit column and once the original transaction is created then only it can be edited.

Follow these steps to edit the expense account that the opening balance is assigned to:

• Click on Expenses and then choose Vendors.

• Choose the vendor, and then click on the Opening Balance Bill.

• In the detailed line item of the bill, change the expense account.

• Click on Save.

Now you're all set to come up with a customer or vendor opening balance.

To know more on how to set up customer or vendor in Quickbooks call on QuickBooks Support toll free number 1-877-933-1633. Also, you can write us at support@quickbooksupport.net. Feel free to reach us anytime; our team of executives is 24/7 available at your service.  For more information visit, www.quickbooksupport.net. 
Location: 140 Broadway, New York, NY 10005, USA

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