USA Open Equity Balance Account - QuickBooks Online

[Stephanie Swanson]

We're in the process of starting a 'new client' in QuickBooks online for an already existing client in that same Quickbooks online account with a new chart of accounts from July 1 2017 and going forward to have clean data because the existing clients QuickBooks accounts we're too messy to reorganize. So the first issue we run into is how to handle a/p or a/r that show oustanding prior to 7/1/17 but paid after 7/1/17. The one solution I could think of was to enter bills prior to 7/1/17 and apply them to the open equity balance account, which would reduce that account and increase the a/p account. Then on the flip side when a check is cut for any of those bills prior to 7/1/17 they would reduce a/p and cash. So my question, is open equity balance the right account to apply those bills prior to 7/1/17 where checks were cut after 7/1/17?


Thank you for any help in advance!

 

[Drmdcpa]

If you enter everything outstanding as of June 30, assuming that is the end of the fiscal year, do not offset to Opening Equity Balance. Record it as if you would have otherwise. Then an adjusting entry will set the balance sheet straight after the return is done.

If you are doing this midyear, why?

OPE is Intuit's junk account and should always be zero. They had to do something due to the fact that their software is no longer easy to use, but they promote it as if anyone can use it. Just one of many faults and lies of Intuit.