QuickBooks 2014 The Guide, 2nd Edition

Chapter 7

Entering Your Beginning Balances

In this chapter:

•  What is an opening trial balance?

•  Ten steps to creating an accurate opening trial balance

If you’ve created your company file, created your lists, and completed all the other setup-related activities covered in the first seven chapters of this book, then you’ve built about 80 percent of your new QuickBooks file. If these key tasks have not yet been completed, you should return to this chapter when they are.

The last 20 percent of the setup process involves entering your beginning balances and the historical transactions (if any) needed to ensure that your data file accurately reflects your business’s financial position on the day you start using your QuickBooks software. Entering ...