QB is showing customers opening balances as invoices in the P/L report, so how can i enter an opening balance for COGS related to these invoices?
Enter opening balance
Bank or credit card accounts
- From the Company menu, click Chart of Accounts.
- In the Chart of Accounts window, right-click anywhere and select New.
- Choose Bank or Credit Card for the Account Type.
- In the Add New Account screen:
- Fill out all required fields.
- Click the Enter Opening Balance button.
If you have not entered any transaction yet, the Enter Opening Balance button will be available even after the account is set up. Once transactions are entered, you will see Change Opening Balance button instead.
- Enter the Ending Balance and Ending Date from the last bank or credit card statement you received before your QuickBooks Start Date.
- Click Ok.
- Click Save & Close.
I hope this will help you if not you can contact our QuickBooks Support expert to resolve your issues.