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QBUniversity.org - In this Quickbooks 2021 tutorial for beginners on how to enter opening balances when you have been in business, I walk through the right and BEST way to enter opening balances in Quickbooks accounts when you have already been in business.
I get this question all the time - what if we have been in business, how do I enter opening balances for accounts in Quickbooks? The standard way in Quickbooks is to simply create your accounts and enter the opening balances. This way distorts your balance sheet because it plugs the balance to Opening Balance Equity, which is a plug account.
The right way is to do a journal entry and adjust your balances - this video shows you how to enter your opening balances when you have been in business. Step-by-step I walk you through how to do it correctly.
More awaits you on your Quickbooks journey at QBUniversity.org