Transaction Pro Blog

How to Import Beginning Balances to QuickBooks

Opening Balance SheetOften times small businesses need to start a new QuickBooks company file, either from another QuickBooks company file, from an other accounting software or perhaps have purchased another business and need to get their information into QuickBooks.  This article will discuss how to bring beginning balances into your new QuickBooks company file.  Our Transaction Pro Importer will bring in all the historical transactions as well but below are some tips on how to bring in your opening balances.

Customer Accounts Receivable

  • First import your customer list to QuickBooks with Transaction Pro Importer
  • Set up a default item in QuickBooks that uses an account called Opening Balance Equity.  This is so the credit side of the entry does not post to sales but to a balance sheet account.  You will provide this value in the Transaction Pro Importer mapping as a static value next to the QuickBooks field, Item.
  • You can then import all the open invoices as of the start date of the QuickBooks company file using the invoice import.  If you wish you can bring in detailed line items or you can just have one line for each invoice with the total amount.

Customer Open Estimates and Open Sales Orders

  • Follow the same steps as outlined above under Customer Accounts Receivable.

Vendor Accounts Payable

  • First import your vendor list to QuickBooks with Transaction Pro Importer
  • Set up an equity account in QuickBooks called Opening Balance Equity.  This is so the debit side of the entry does not post to expenses but to a balance sheet account.  You will provide this value in the Transaction Pro Importer mapping as a static value next to the QuickBooks field, Expense Account.  If you use items on your vendor transactions follow the same steps as in the Accounts Receivable section above.
  • You can then import all the open bills as of the start date of the QuickBooks company file using our bill import.  If you wish you can bring in detailed line items or you can just have one line for each invoice with the total amount.

Vendor Open Purchase Orders

  • Follow the same steps as outlined above under Vendor Accounts Payable.

Inventory Quantity on Hand

  • First import your item list to QuickBooks with Transaction Pro Importer
  • Import your Quantity on Hand and Values using the import type, Inventory Adjustment.

Other Balance Sheet Accounts

  • When you first start the new QuickBooks company file you should first import the chart of accounts
  • Run a trial balance or balance sheet as of the last closed period and subtract out any balances already in the new QuickBooks company file to calculate the remaining balances to be imported.
  • Import these remaining balances as journal entries using Transaction Pro Importer.

If you do not already have a copy of our Transaction Pro Importer you can purchase or request a free trial here.  If you are a small business owner, are new to QuickBooks or just do not have the resources to complete this process don’t worry you can hire one of our Partners to do this for you.