How to Enter Opening Balances via a Journal Entry in QBO

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When you are transitioning from another accounting system it is essential to enter opening balances. I go through each step of the process including how to enter Accounts Receivable and Accounts Payable and we review the reports to see the impact of the journal entry.
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To see how to enter opening balances for inventory, check out this video:    • How to Set Up Opening Inventory in QBO  

00:00 Introduction
00:11 Why Enter Opening Balances
01:16 First Step - Prior Opening Balances
03:11 Review of Balance Sheet
04:46 Create Journal Entry
07:08 Journal Entry: Debits vs Credits
08:43 Journal Entry Accounts Receivable
10:58 Journal Entry: Fixed Assets
11:48 Journal Entry: Add Account
12:36 Journal Entry: Accounts Payable
13:56 Journal Entry: Other Liaibilities
15:29 Journal Entry: Equity
18:11 Journal Entry: Other Fields
19:48 Journal Entry: Attachments
20:41 Review Open Balances in Balance Sheet
21:26 Review AR Aging Open Balances
21:43 Review AP Aging Open Balances
22:21 Note on Using Trial Balance