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I am helping a service company enter their financials into Quickbook online. It is September and hey want to record everything from January.
After downloading banking transactions, Quickbooks online gives me Quickbooks Balance and makes opening deposit journal entry.
Should I change this balance to the banking opening balance as of Jan 1 as we are doing historical data?
Also do I need to make opening journal entry's such opening balance of retained Earnings, fixed asset account and depreciation accounts ?
After downloading banking transactions, Quickbooks online gives me Quickbooks Balance and makes opening deposit journal entry.
Should I change this balance to the banking opening balance as of Jan 1 as we are doing historical data?
Also do I need to make opening journal entry's such opening balance of retained Earnings, fixed asset account and depreciation accounts ?