Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

I have a manufacturing company that produces bricks. I took…

Customer Question
I have a manufacturing company...
I have a manufacturing company that produces bricks. I took out a loan using the equipment as collateral to buy out my partners. We were using Navision software and now want to switch to QB premier.
I have set up the COA, Imported customers and vendors all with opening balances. I also imported inventory with quantities but not value.
What i have now is a long term loan, a year end inventory value, a year end bank balance, and a equipment appraisal balance in which the bank used to loan me the money. I am not sure how to post these to quickbooks properly. I keep reading about opening balance equity on Intuit community page. I am not sure if it gets posted there. Any help would be appreciated.
Submitted: 2 years ago.Category: Finance
Show More
Show Less
Ask Your Own Finance Question
Answered in 1 hour by:
2/20/2016
Financial Professional: BK-CPA, Certified Public Accountant (CPA) replied 2 years ago
BK-CPA
BK-CPA, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 933
Experience: Owner of a CPA firm
Verified

Hello and thank you for your question.

You can make a general journal entry in QuickBooks for all of your opening balances. In this case, you'll want to only do it for the ones you have not imported.

If you are recording your beginning balances, you should date the journal entry as of the last day of your most recent fiscal year. The journal entry will be as follows:

-Debit bank accounts for their opening balances (you may wish to record the ending bank balance and any outstanding items from your last bank reconciliation separately so you can continue to reconcile)

-Debit inventory for its opening balance

-Debit equipment for its opening balance

-Credit accumulated depreciation for its opening balance

-Credit long-term liability accounts for their opening balances

-Debit/Credit the beginning balance of equity to balance your journal entry so that total debits equal total credits (depending on whether this is a corporation, LLC, sole proprietorship, etc., the equity accounts will have different names: for example, you may have capital stock, additional paid-in capital, and retained earnings accounts in the case of a corporation)

If you have any additional asset accounts, you would debit them in the above entry. If you had any additional liability accounts, you would credit them in the above entry. The last line(s) of the entry will be to equity to balance.

Ask Your Own Finance Question
Was this answer helpful?
Ask BK-CPA Your Own Question
BK-CPA
BK-CPA
BK-CPA, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 933
933 Satisfied Customers
Experience: Owner of a CPA firm

BK-CPA is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,608 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,218 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,920 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
A client has $25,000 net income (cash basis) and the bank account
A client has $25,000 net income (cash basis) and the bank account has $10,000. There is no money in Undeposited Funds. The client wants to know how it's possible to have $25,000 net income and $10,000… read more
R. Klein, EA
R. Klein, EA
Accountant
Master's Degree
480 satisfied customers
The Ledger Of Piper Rental Agency On March 31 Of The Current Year Incl
E3-7 The ledger of Piper Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Debit Credit Prepaid Insurance $ 3,600 Supp… read more
Mohammad Ali
Mohammad Ali
Accounts & Audit Officer
Master\u0027s Degree
278 satisfied customers
No. Account Title Debit Credit
Success Systems No. Account Title Debit Credit 101 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 48,052 106 Accounts receivable . . . . . . . . . . . . . . . .… read more
Manal Elkhoshkhany
Manal Elkhoshkhany
Tutor
1,920 satisfied customers
Can I take a loss on a truck depreciation of 60,000 for an
Can I take a loss on a truck depreciation of 60,000 for an s-corp on a K1? Or, am I only able to deduct the up to the actual income?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,221 satisfied customers
Im trying to figure out the price depreciation schedule (month
I'm trying to figure out the price depreciation schedule (month by month) over two years, for products in the following categories: o Furniture (e.g. Couch) o Home electronics (e.g. Flat Screen) o Hom… read more
Michael Hannigan
Michael Hannigan
Bachelor\u0027s Program
239 satisfied customers
I have a question about rental depreciation of inherited
I have a question about rental depreciation of inherited property that was transferred midyear and how to treat the income prior to deed transfer. The property is foreign property. My wife inherited a… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Is it a requirement to calculate depreciation expense on
is it a requirement to calculate depreciation expense on business use of home percentage? it seems rather complicated.… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,221 satisfied customers
I have a question related to depreciating a piece of
Hello, I have a question related to depreciating a piece of equipment my company buys? … read more
Carter McBride
Carter McBride
LLM
1,060 satisfied customers
I need help with calculating depreciation. I closed on a
I closed on a residential rental property on August 15, 2016. The land value was 501,660 and the improvements were 489,340. How much depreciation should I have taken on my taxes for 2016 and how much for 2017? … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Do Section assets that I'm taking Section 179 depreciation
Do Section assets that I'm taking Section 179 depreciation on along with the associated depreciation go on Schedule L or should it only be on the K-1? … read more
Carter McBride
Carter McBride
LLM
1,060 satisfied customers
For our corporate tax return, can we fully depreciate the
Hello, For our corporate tax return, can we fully depreciate the value of new truck we purchased in 2017? We are a corporation and the truck is for pick up and deliveries of inventory and other work r… read more
Carter McBride
Carter McBride
LLM
1,060 satisfied customers
The new tax law has changed the depreciation length or
The new tax law has changed the depreciation length or residential rental buildings will we have change the depreciation schedule for existing properties?… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I received a 1099-S for the sale of easement for a piece of ...
I received a 1099-S for the sale of easement for a piece of property I keep for personal use. I retained the ownership of the property, but sold an easement for $1000. Does this need to be reported no… read more
The Geezer
The Geezer
Master's Degree
120 satisfied customers
Need to calculate EBIT be (break even) for a company, off a
Need to calculate EBIT be (break even) for a company, off a balance sheet, here is all the info/data points: interest $474m , tax rate 35.36% , Depreciation $1356m, any other data needed? I think form… read more
The Analyst &amp; Strategist
The Analyst & Strategist
Master's Degree
6 satisfied customers
PRO FORMA INCOME STATEMENT Austin Grocers recently reported
PRO FORMA INCOME STATEMENT: Austin Grocers recently reported the following 2008 income statement (in millions of dollars): Sales $700 Operate ring cost including depreciation 500 EBIT 200 Interest 40 … read more
ConceptsCoach
ConceptsCoach
Master's Degree
266 satisfied customers
Describe the 4 types of adjusting entries and a manufactor
Describe the 4 types of adjusting entries and a manufactor industry example… read more
datalog
datalog
Vice President
Bachelor\u0027s Degree
81 satisfied customers
Calculating free cash flows - Racin Scooters is introducing
Calculating free cash flows - Racin' Scooters is introducing a new product and has an expected change in EBIT of $475,000. Racin' Scooters has a 34 percent marginal tax rate. The project will also pro… read more
DanielleCPA
DanielleCPA
Certified Public Accountant
Bachelor's Degree
76 satisfied customers
9-20. Assume that today is December 31, 2008, and that the
9-20. Assume that today is December 31, 2008, and that the following information applies to Vermeil Airlines: - After-tax operating income [EBIT (1-T)] for 2009 is expected to be $500 million. - The d… read more
Manal Elkhoshkhany
Manal Elkhoshkhany
Tutor
1,920 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x