Journal entries

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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)
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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.

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Sayan Gupta

Sayan Gupta (Expert)
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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)
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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)
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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.

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