This article will go through why setting the Opening Balance in your accounting package with the figures given to you by your Activation Specialist at the time of launch is a crucial step
This will ensure that the balance of your Unit and Part Inventory General Ledgers in your accounting package match the data valuation that you gave us at activation and is in Blackpurl
Before loading your opening balances we strongly recommend you consult your accountant if you choose to load your opening balances using the below process as this process may not be right for you.
The examples below are for QuickBooks Online
Here is a video showing Sample of how you could load Opening Balances in QBO:
At the time of launch, your Activation Specialist will provide you with an opening balance summary for your Unit and Part Inventory that may look similar to this example:
For this example, we will use the launch date of 03/02/2023 to demonstrate
Steps:
1) In your QuickBooks Online account, click on the "+ New" button on the top right
2) Select "Journal entry"
3) Select the correct date (your launch date)
4) Copy across all the QBO GL, Debits & Description information as per the example:
5) Enter your offsetting Credit accordingly
Below is an example - however, it will be up to you to confirm with your accountant, where your offsetting credits will go
In the example below, we used an opening balance equity account
Depending on your activation, you may need to have your offsetting credit balances from from a different account(s)
6) Click Save
7) At this time, an inventory report by category in BP should now match your relevant QBO GL's accordingly