November 2007
Beginner to intermediate
528 pages
12h 39m
English
Content preview from QuickBooks® 2008 Solutions Guide for Business Owners and Accountants
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Chapter 13Reviewing and Correcting the Opening Balance Equity Account
• Purpose of the Opening Bal Equity Account
• Transactions in the Opening Bal Equity Account
• Reports to Review and Troubleshoot the Opening Bal Equity Account
• Closing Opening Bal Equity into Retained Earnings
• Setting a Closing Date and Password
• Opening Bal Equity Checklist
Purpose of the Opening Bal Equity Account
QuickBooks automatically creates the Opening Bal Equity account when you create a new data file. The Opening Bal Equity account serves the following purposes for a new data file:
• To keep your books in balance during the opening entries.
• To provide a common register so you can easily view your opening entries before “closing” to the Retained ...
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