Thanks for joining us here, Maria.
Let me share some insights about how Projects function in QuickBooks Online (QBO).
Firstly, ensure that you have an accurate and organized chart of accounts, as this will have an opening balance in your Balance Sheet.
If you have a new account in QuickBooks, you have to select a specific date to begin tracking transactions. After selecting the start date, you'll be prompted to enter the actual balance of your bank account for that day. The balance and the chosen start date will be used to set the opening balance of the account.
Moreover, if you connect your bank and credit card accounts, QuickBooks automatically downloads your historical transactions up to a certain date. It totals them up and enters the opening balance and date.
However, if you don't have any plan to connect your account, you can manually enter the opening balance.
Here’s how:
- Fill in the amount you need to enter for your opening balance.
- On the upper right corner, look for the Gear icon.
- Then, choose Chart of accounts.
- Select New, then set up your account.
- In the open balances section, pick the date you want to start tracking your finances.
- Then, enter the account balance for that date.
- Once done, hit Save.
Once everything's good, you can now start tracking new transactions that come after the opening balance date.
Furthermore, it'll affect your initial reconciliation since these transactions don't appear on your actual bank statements. Your ending balance is based on your financial statement after you reconcile your account in QuickBooks.
Lastly, here are some resources that you can check out for you to be able to know how to work on with Projects in QuickBooks:
You can always count on us if you still have further queries with projects or anything else about QuickBooks. I'd be glad to assist you at any time. Keep safe and have a good one.
