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NEW FILE UPDATE

Hello

I am currently using Vista with Quickbooks pro 2003 and have created a new

2008 file .. I have imported all my chart of account WITHOUT transactions. I need to create opening balances for the accounts like cheking, asving and credit cards ..

Due to the large size of my 2003 file I wanted to start fresh for 2008 ..

What is the best way to show opening balances for accounts .. Deposit > $200 > account : Misc ?

Basically I am not sure as to show the opening balance money is coming from..

If you can assist ..Thanks \

Reply to
D. ITTNER
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When using journal entry what acct should I credit /debit

thanks

Reply to
D. ITTNER

One way to handle this is to use a detailed journal entry that reflects the trial balance as of the last day for your old file. A perfect choice would be 12/31/07. If you have open customer or vendor invoices, back those details from income and expense from the Trial balance. Then create your invoices using the original date and details from your old file. When you are done your Trial balance for 12/31/07 in both files should match. Then you can start entering your 2008 transactions.

Reply to
Laura

The same accounts that show up on the Trial balance from the old company file. As for the invoices it usually is easiest to enter the original Trial balance, enter the invoices and then adjust the trial balance to match the Trial balance from the old file.

Reply to
Laura

Debit I must call my accountant and Credit as soon as possible.

Reply to
Allan Martin

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