Question

You are reviewing the Client Overview tab for a new client to determine the scope of a bookkeeping clean-up engagement. You notice that there is a large amount in the Opening Balance Equity account.

Answer 1

Answer:

The ending bank statement balance transaction when a new bank account is created in the EasyStep Interview.

Opening balances for other Balance Sheet accounts created in the Add New Account dialog box.

Opening balances entered when New Customers or Vendors are set up.

Inventory total value balances entered in the New Item dialog.

Bank reconciliation adjustments for QuickBooks versions 2005 or earlier.