Using QuickBooks Add/Edit Multiple List Entry for Opening Balances

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Except for cash basis companies

Great workaround for accrual basis company files! If the company needs cash basis reporting, these invoices need to offset an Income account, not an equity account or the cash basis reports will not reflect the revenue when the invoices are paid

Stacey Byrne 137 days ago

If you read my article completely, I was using this for imported data

I mentioned that I was using this in relationship with posting trial balances by period. For example if I am bringing in a history of a year with a trial balance posted for each month, I am offsetting those entries to a common account (I typically use an equity account), then by posting the individual amounts via the add/edit feature for customers and vendors, and making the change, I am off-setting those values against the lump-sum AR or AP that was in the trial balance postings. All the 'cash basis' history is preserved, including income and expense and the individual balances are there too.

insightfulaccountant.com 137 days ago

Uncategorized

I just had to research an out of balance balance sheet. The problem was with the Uncategorized account that was created when the customer received a payment but applied more to the invoice than the payment amount. Good to know this is an automatically created account

Kathy Rollinger 138 days ago

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