Question

1.How should accounts receivable and accounts payable beginning balances be recorded in QBO? List the steps.

2. List the specific steps to follow when wanting to view the transactions pulled from the bank feed that need to be reviewed for a listed company credit card. ( Using QuickBooks online)

Answer 1

1.

1. From the Company menu, click Chart of Accounts.
2. In the Chart of Accounts window, right click anywhere and select New.
3. Choose Bank or Credit Card for the Account Type.
4. In the Add New Account screen:
   1. Fill out all required fields.
   2. Click the Enter Opening Balance button.
      If you have not entered any transaction yet, the Enter Opening Balance button will be available even after the account is setup. Once transactions are entered, you will see Change Opening Balance button instead.
   3. Enter the Ending Balance and Ending Date from the last bank or credit card statement you received before your QuickBooks Start Date.
   4. Click Ok.
5. Click Save & Close.

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Rashi Aggarwal