How to Supply the Missing Numbers to Finalize the Chart of Accounts in QuickBooks 2016

By Stephen L. Nelson

Your last task to finalize the Chart of Accounts is to enter the rest of the trial balance amounts into QuickBooks 2016. To perform this task, you need to have a trial balance prepared as of the conversion date. Follow these steps:

  1. Choose either Company → Make General Journal Entries or Accountant → Make General Journal Entries.

    QuickBooks displays the Make General Journal Entries window.

    The empty Make General Journal Entries window.

    The empty Make General Journal Entries window.
  2. Type the conversion date in the Date field.

    Move the cursor to the Date field (if it isn’t already there) and type the date. As you might know by now, you use the MM/DD/YYYY format. For example, type 6/30/2016 for June 30, 2016 (or 06302016, if you don’t want to put in the slashes).

  3. Type each trial balance account and balance that isn’t already in the half-completed trial balance.

    Okay. This step sounds confusing. But remember that you’ve already entered your cash, accounts receivable, inventory, and accounts payable account balances, and perhaps even a few other account balances and a portion of the Opening Balance Equity account balance as part of the QuickBooks Setup.

    Now you need to enter the rest of the trial balance — specifically, the year-to-date income and expense account balances, any missing assets or liabilities, and the remaining portion of the Opening Balance Equity. To enter each account and balance, use a row of the Make General Journal Entries window list box. Check out how this window looks after you enter the rest of the trial balance into the list box rows.

    The completed Make General Journal Entries window.

    The completed Make General Journal Entries window.

    If you need an account that isn’t already on your QuickBooks Chart of Accounts, no problem. Enter the account name you want into the Account column of the Make General Journal Entries window.

    When QuickBooks displays the message Account not found, click the Set Up button. QuickBooks then displays the Add New Account: Choose Account Type dialog box. Use it to identify the type of account you’re setting up: Income, Expense, Fixed Asset, Bank, Loan, Credit, or Equity. Click Continue to display the Add New Account dialog box. Use it to create a longer description of the account (if you want), and then click Save & Close.

  4. Click the Save & New button to record the general journal entries that set up the rest of your trial balance.