Opening Balances ??

numberz

Hi guys

I'm having a blank moment.....

I'm quickly putting a client onto quickbooks and doing my opening balances for debtors, creditors and opening bank balances
but i can't think what the double entry would be ????????

many thanks for your help

Lucixx:confused1:

columbia

In Sage it would be to suspense via the individual customers accounts, then journalled back out of suspense as a total figure and posted to debtors control.

Timmne

numberz wrote: »

Hi guys

I'm having a blank moment.....

I'm quickly putting a client onto quickbooks and doing my opening balances for debtors, creditors and opening bank balances
but i can't think what the double entry would be ????????

many thanks for your help

Lucixx:confused1:

In Quickbooks you need to debit the individual debtors via a suspense account as you aren't able to do this all on one journal. Bit of a time consumer - same with the creditors.

As for the double entry, I don't understand what you're asking! If you post all the balances from the TB, it will balance, so the double entries are the entries themselves!

You could set up a bank type account as a suspense account while you post and use that for the double entry of every balance, so for example:

1. debit bank, credit suspense
2. credit creditors, debit suspense
3. debit FAs, credit suspense

For the P&L accounts, either post to reserves if it's the start of the year, or to the individual P&L accounts if you're mid year.

JodieR

I use quickbooks and usually just enter bills for creditors & invoices for debtors dated the first day of the financial year and post them to the 'opening balance equity' account. All other opening balances are posted to the opening balance equity account too (usually just in one journal) so it acts as a suspense account and clears once everything's entered.