Opening Balances - Accounting Software Secrets
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Opening Balances

Opening Balances

Opening Balance and Related Date


This information is included on the first screen for version 2002 and higher.  For other versions it is included on the additional information tab.

It is recommended that this field not be used for entering beginning balances for individual vendors.  The rationale is that the balance will age from the date entered here, which may or may not be accurate.  The other reason to not enter the opening balance in this fashion is that multiple bills will now be included as one amount, making the past due research, remittance advice with the check, and timely payment of bills in the future more difficult. 

It is recommended that the individual outstanding bills be entered instead using the actual original transaction date and bill reference number.  These bills should all be coded to Opening Balance Equity on the expense tab, or using a “begining balance” item coded to Opening Balance Equity on the items tab.

List Limits Expanded

For most QuickBooks users, the list limit for the QuickBooks Pro and Premier products of 14,500 is sufficient.  For some, however, that is not the case.  We have been seeing increased list size for a variety of reasons.  One of the most common is the increased number of customers as the result of web site sales.  For version 6 and prior, the list limit was doubled for the Enterprise Solutions Product.  New with version 7, the Enterprise Solutions limit has been removed.


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