Calling Skippy and other QuickBooks experts

[Dee*Jay]

In my QB class we're doing new company set-up and I can't figure out how to enter opening balances for Income, Expense or COGS accounts...? The Asset, Liability and Equity accounts were no problem, but the process that I used for those doesn't work (i.e., the same options aren't available) for the I/E/COGS ones. I have tried searching both QB help and on the magic internet, but nada... If anyone knows off the top of their head, I would appreciate it. Thanks!

 

[Skippy123]

In my QB class we're doing new company set-up and I can't figure out how to enter opening balances for Income, Expense or COGS accounts...? The Asset, Liability and Equity accounts were no problem, but the process that I used for those doesn't work (i.e., the same options aren't available) for the I/E/COGS ones. I have tried searching both QB help and on the magic internet, but nada... If anyone knows off the top of their head, I would appreciate it. Thanks!

Are you going into Chart of Accounts? Make sure you hit record too (I think that is in QB).
Is this a company your class has already created for you (did you import or is this a company you create)? Also sometimes if you if you don't have the right date in, you don't see the accounts balances (sometimes that happens).

hmm, maybe someone else will have an idea; it has been years since I used Quickbooks but those are the things off the top of my head.

eta: did you set up your customers already and enter in the amounts in Money In?

 

[Dee*Jay]

Skippy, thank you so much for responding!

Turns out the reason I was able to make the asset, liability and equity entries was because I was accidentally making ADJUSTING entries. I should have just been making general journal entries for all of them. The problem was pretty much a gonner at that point, so I just deleted the new company set up and started over. Once I figure something out in GB it seems simple enough, but sometimes the steps to get something underway are a little convoluted to me... !

 

[Skippy123]

Skippy, thank you so much for responding!

Turns out the reason I was able to make the asset, liability and equity entries was because I was accidentally making ADJUSTING entries. I should have just been making general journal entries for all of them. The problem was pretty much a gonner at that point, so I just deleted the new company set up and started over. Once I figure something out in GB it seems simple enough, but sometimes the steps to get something underway are a little convoluted to me... !

oh good, the good thing about making those kind of mistakes is that you remember them and then don't have them again! Yay, I am glad you figured it out. I remember one time in QB I messed up the bank rec and then after I didn't again I figured out what I did wrong.