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:

QBO opening balances tutorial video

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:

BP CategoryQBO GLDebitsCreditsDescription
Parts Sales1300 BP Parts Inventory$125,986.25Opening Balance
New Units Sales1310 BP New Unit Inventory$486,523.00Opening Balance
Used Units Sales1311 BP Used Unit Inventory$153,689.00Opening Balance
(Consult Your Accountant)$766,198.25Opening Balance

For this example, we will use the launch date of 03/02/2023 to demonstrate


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:

QBO GLDebitsCreditsDescription
1300 BP Parts Inventory$125,986.25Opening Balance
1310 BP New Unit Inventory$486,523.00Opening Balance
1311 BP Used Unit Inventory$153,689.00Opening Balance

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)

BP CategoryQBO GLDebitsCreditsDescription
(Consult Your Accountant)$766,198.25Opening Balance

6) Click Save

7) At this time, an inventory report by category in BP should now match your relevant QBO GL's accordingly