Opening Balances ??

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:
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:
0
Comments
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.