Is what I did correct in entering the opening balances of the accounts?

mafouad · ‎August 19, 2023

Hello
I entered all the accounts of the balance sheet, but because the customer's account is less than the supplier's account, there is a loss in the profit and loss, noting that there is a profit, not a loss.

And because the net income is a temporary account, I left the loss as it is, and when I displayed the balance sheet at the beginning of the next year, the retained earnings became correct.
Also, when I entered the opening balances of the products, they appeared in the opening balance equity account, which I closed in the retained earnings account.
Is all of the above correct, I do not want to explain how to enter the opening balance of the bank. Thank you

Adrian_A · ‎August 19, 2023

Hi mafouad,

Yes, the details you mentioned above are correct. I'm here to share more information on how opening balances work in QuickBooks Online. With this, we can ensure that your accounts are correctly recorded.

QuickBooks track all of your opening balances for all of your accounts in an Opening Balance Equity account. This makes it easy to go back and look at what you entered later on.

If you need further assistance in keeping an eye on the account, I suggest reaching out to your accountant.

You can check this article for more information: What's an opening balance?

I've also included these a few links to make sure your accounts match your bank and credit card statements:

I'm always around if you have other concerns about entering opening balances.