This was the most helpful video! I have been stumped by the opening balance dilemna for weeks and I am so thankful that I found your video. I'm in the US but thankfully, QBO and Excel work the same for both of us! If I could give you several thumbs up, I would!
Where do you get beginning balances if the prior CPA doesn't have a Balance sheet, they don't have an excel trial balance, and this is their first year in QBO or any accounting system? I'm specifically needing to know for the many assets he has and loans as well. Would I just need to get year end statements from 2020 from him?
Excellent! This clarified a few things that I have wondered about for a while now. Thank you!
Glad it was helpful!
This was the most helpful video! I have been stumped by the opening balance dilemna for weeks and I am so thankful that I found your video. I'm in the US but thankfully, QBO and Excel work the same for both of us!
If I could give you several thumbs up, I would!
Glad its helped :D
Hello McCallson, How did he come to the 12,000 on director's loan account
Thank you so much! This was explained very well!
Glad it was helpful!
Thank Aaron, this was very helpful.
I am in Canada and you are very very good!!! Keep is Simple... Perfect answer and thanks again!
please make a video on how to prepare uk vat return and submit the report to hmrc
I have added it to the list :-)
Thank you for your great video. I may like to contact you for further training on some technical areas so I can help my clients better.
I can't add opening balances for foreign currency ledgers for instance OBs for suppliers and customers in foreign currency. What could be the problem.
The entry of opening balances can be done through journal entries or other available methods?
I expect your reply
journal entries :)
@@TheQuickBooksChap sir ,what about opening stock
Where do you get beginning balances if the prior CPA doesn't have a Balance sheet, they don't have an excel trial balance, and this is their first year in QBO or any accounting system? I'm specifically needing to know for the many assets he has and loans as well. Would I just need to get year end statements from 2020 from him?
year end statements would be your best bet! good luck
Hello, How did you come to the 12,000 on director's loan account
This could’ve been A three minute video
I don't understand
Which part?
It is difficult to understand and the voice odds
Hi do you consult?
Hi Tiffany, I do, link below to book a chat the. We can figure out what’s required :-)
Obviously this is not for accountants :)
You would be surprised, we have seen a lot of accountants struggle with the opening balance concept :-o