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Chapter 1. Setting Up Your Company with ... > Entering Opening Balances

Entering Opening Balances

The purpose of entering the opening balance for various company accounts is so you can present the true and complete value of your company on financial statements. The process of entering opening balances is similar for most types of accounts. The example here illustrates how to enter the opening balance for a bank account.

Enter an Opening Balance

In the EasyStep Interview, select Yes when asked whether you want to set up a bank account.

Click Next.

Enter the name of the bank account. You can use either the actual name of the bank or a descriptive name for the account (such as Checking Account or Savings Account).

Click Next.

Enter the date of the last bank statement you received prior to your start date. If you are setting up a new bank account where your first bank statement was issued at the end of your first month of business, or sometime thereafter, use the start date as the bank statement date.

Enter the ending balance amount from the last bank statement prior to your start date. If you are setting up a new bank account, enter 0 as the balance at the start date.

Enter the account number of your bank account.

Enter an optional check number. QuickBooks reminds you to reorder checks when it reaches this number.

Click Next.


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