Questions & AnswersQuickbooks Desktop 2017 – opening balances
sotiris841 asked 5 years ago

Hello everyone, I have some questions regarding opening balances!
a)The date of transactions when i setup the company was 01/01/2016 ,so I would not be able to enter any entries before that date! What is the best way of entering Retained Earnings and Profit/Loss accounts? Do you reccomend entering all accounts one by one as they be in the previous software TB? I saw some ways in tutorials with using an Opening Balance Account, however they use a 2015 date to record Retained Earnings which I will not be able to do.
b)My companies VAT period is DEC2016-FEB2017, by entering the closing balances (31/12/2016) in Journal Entries will the VAT report be able to recognise sales/purchases and vat related figues when I print the VAT report for period DEC2016-DEB2017?