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Old April 18th, 2013, 10:35 PM
illumined illumined is offline
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Opening Balance Equity not zero (Quickbooks problem)

So recently I decided to get some practice with Quickbooks to keep my skills sharp. I went ahead and started the comprehensive review problem II from my accounting textbook (College Accounting by Paradigm Publishing if anyone is curious). The first thing I did was open up a bunch of accounts, most of which have opening balances. After I entered everything I noticed the Opening Balance Equity account was not zero, looking it up in QB help it says I probably didn't enter everything in. I figure either I missed something somehow or I didn't set it up right.


I looked for a place where I can get a second opinion, and I landed here. If anyone can guide me to the light I would greatly appreciate it. I tried copying and pasting my trial balance into the post, but the formatting didn't look too good and the forum rules forbid me from posting a URL.

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Old May 6th, 2013, 10:45 AM
sandhurst sandhurst is offline
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pening balance equity no zero

hi

when you first set up the accounts in QB you would have entered the opening balances.

You should not do this. what you need to do is just set up the accounts and leave the opening balances as empty.

Once the accounts are all set up, go to the journal and then pass a journal entry for all the opening balances.

You can do it all in one go if you do not have any subsidiary ledgers such as AP or AR set up.

If you do, then you will have to pass separate journal entries for these.

hope the above is clear

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