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Posted by Steve on August 6, 2008, 6:57 pm
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> Hi, I'm trying to set up an existing company in QuickBooks. =A0Can
> anyone tell me how to input the A/P opening balance? I don't have any
> information on the individual vendors just the total amount owing.
> This is my first time doing this and any help would be greatly
> appreciated. =A0Thanks.
It would be much better if you had individual amounts but I understand
that sometimes you have to work with what you have.
Basically, when you set up a new Supplier/Vendor, as part of setting
up their name and address, you get an opportunity to specify what the
outstanding balance was at a particular date. This will generate a
transactionwith that date and amount. IIRC, the actual accounting
entries will be to Opening Balance Equity and A/P. The bigger issue
you have is how to match payments off against this new Supplier who
you probably named as something like Opening Balances. Much better if
you could enter bills outstanding at your start date from the
individual suppliers involved
Hope that helps and good luck
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