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How to Setup Initial Account Balances

Steps describing how to get initial account balances established within QuickBooks Pro. (Posted on 1/12/2006)
  1. Ensure company classes and sub-classes (if needed) have been established. This will enable us to post start up balances directly to the appropriate categories (i.e. soil test account, for-sale publications, etc.).

  2. Go to the Banking Screen and select "Deposit".

  3. Set Deposit Date to 1/1/2006 for Commissioners and Program Account or 11/1/2005 for 4-H Account.

  4. Select the "From Account" drop down menu and select "Balance Forward" for all start up balance entries.

  5. Select the "Class" drop down menu and select the appropriate class or sub class you desire to post a start up balance to.

  6. Post the appropriate start up balance in the "Amount" field.

  7. Click on the "Save and Close" button at the bottom right and you are done.

Note:

Refer to the "How To Post Balance Forward and Retained Earnings Journal Entries" to transfer end-of-year balances to the appropriate account classes beginning 11/1/2006 for the 4-H Account and 1/1/2007 for the Commissioners and Program Accounts. This "How To": is forthcoming.