real-life example to finish
Okay, true confessions. The example I give in the preceding section? You probably won’t be lucky enough that your starting trial balance journal entry will be so simple. You probably will have to deal with a bank account and with account balances in your accounts receivable, accounts payable, or inventory accounts. Now I show you how this process works.
Suppose that you have the trial balances shown in Table 1-2. Note that in this example (unlike the preceding example), the first account shown — the one with $5,000 — is a bank account.
Here’s the tricky part of recording this trial balance. You don’t need — I repeat, don’t need — to record all this trial-balance information through a journal entry. Because the bank account, accounts receivable, accounts payable, and inventory portions have already been recorded if you added customer, vendor, item, and bank account information during the QuickBooks Setup process, you just need to enter the rest of the trial balance.
Because you won’t be recording all the trial balance, however, your journal entry not only won’t match your actual trial balance, but also won’t balance. To make it balance, therefore, you plug the difference into an account that QuickBooks supplies for just this sort of bookkeeping madness: the Opening Balance Equity account. Figure 1-9 shows this journal entry.
TABLE 1-2 A Trial Balance
| Account | Debit | Credit |
|---|---|---|
| Checking | $5,000 | |
| Accounts Receivable | 4,000 | |
| Inventory | 2,000 | |
| Loan Payable | 5,000 | |
| S. Nelson, Capital | 2,000 | |
| Sales Revenue | 13,000 | |
| Cost of Goods Sold | 3,000 | |
| Rent Expense | 1,000 | |
| Wages | 4,000 | |
| Supplies | 1,000 | |
| Totals | $20,000 | $20,000 |
FIGURE 1-9: The Make General Journal Entries window, showing the final part of a more-complicated trial balance.
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