Journal entries

This query is : Resolved

Share Report Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

28 January 2018 Hello Sir / Ma'am,

What journal entry to make for the opening balance in Customer & Vendor account?

Sayan Gupta

Sayan Gupta (Expert)
Follow

29 January 2018 You have to put opening balance manually in the respective vendor or customer account, you do not need to pass a journal entry for that.

Querist : Anonymous

Querist : Anonymous (Querist)

30 January 2018 Thanks Sir for your reply but the problem is i am not able to put balance manually as there is no such option is showing because i have already created vendor or customer account without the balance.

Sayan Gupta

Sayan Gupta (Expert)
Follow

08 February 2018 Are you using Tally ERP or any other accounting software?

Querist : Anonymous

Querist : Anonymous (Querist)

08 February 2018 Sir i am using Quickbooks Premier Edition 2018.

Sayan Gupta

Sayan Gupta (Expert)
Follow

08 February 2018 Go to edit account option, you will see a option for entering opening balances.

Querist : Anonymous

Querist : Anonymous (Querist)

08 February 2018 yea sir i checked it is not coming because i have already created customer and vendors accounts without putting opening balance. Now they are in use i cannot able to put open balance as that option is freeze now.

Sayan Gupta

Sayan Gupta (Expert)
Follow

08 February 2018 Or you can add a opening balance by using Opening balance equity account in Quickbook. One side of the general journal entry would set the account’s balance (either debit or credit), and the offsetting entry would be made to QuickBooks default Opening Balance Equity.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Leena Rachh

RISHI LATTA

Dhananjay Singh

shubham agrawal

N N V Satish

Subscribe Now

Journal entries

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

GST CONSULTANCY

Accountant

Manager- Finance and Compliance

Article Assistant

GST CONSULTANT