Hello there, BSL_Ling!
I hope you are having a great day! I want to thank you for considering QuickBooks Online for your business. I’m sure you’ll love the features, and the software will simplify your processes and help your business grow.
I will share insights about entering your opening balances. By the way, I can't see your attachment, but it's okay. Regarding the number of attachments, only 1 is allowed per post.
Before we begin, I want to say that it is always best to use a third-party app when transferring data from another accounting software. We have a list of apps in the QBO App Store. You can search for something like data importer. Although the apps are for other countries, you can contact the app provider to find out if they support QBO Singapore. When you select an app, you'll see the contact details of its support on the right.
If you have customers and vendors in other currencies, I highly recommend enabling the Multicurrency first. If you do not do this, QuickBooks will assign the default currency to your customers and vendors, and you can't change it. When that happens, you will need to create a new profile with the right currency.
After setting up Multicurrency, you'll want to import the list of accounts that are not in QuickBooks yet, customers, vendors, and the products and services. This way, you will be able to assign the names and items when importing your transactions.
Accounts Receivable (A/R):
Accounts Receivable accumulates the open invoices, so all you can do is create a lumpsum invoice for each customer or put an Opening Balance (total collectibles) in their profiles. Both will work, but the difference is you can select items on a lumpsum invoice, and each item can have its own assigned income account. The third option is to import invoices from Excel, which I highly recommend because it will give you more detailed information about the transactions.
Accounts Payable (A/P):
In the same way in A/R, the balance of Accounts Payable is accumulated from balances of the outstanding bills, so you create a lumpsum bill for each vendor, enter their opening balances, or import their bill data using Excel.
Past transactions can be downloaded from your bank account to a supported web connect file. You can upload them to the Banking page, so you can categorise and add them to your books. Here is an article for your reference: Manually upload transactions into QuickBooks Online.
Once you have entered all the transactions, the balances of other accounts (including TB accounts) will also be updated. Account balances depend on how you enter transactions in QuickBooks.
Lastly, I read your post in a different thread and see that you've shared the right reference to guide you through the migration process: Move your Data into QuickBooks Online Singapore. The article laid out the step-by-step process with hyperlinks to the appropriate articles. Those are the things you want to follow. I’m just emphasizing a few points and the things you need to watch out for. You can also find more articles on the main support page.
The QuickBooks Team is always available for any additional questions you may have. More power to your business!
