When creating a new QuickBooks data file for an existing company, opening balances are added when you:
A)Customize the Chart of Accounts
B)Add vendors to the vendor list
C)Add customers to the customer list
D)Add inventory the item list

Question

Quizplus · Accepted Answer

When creating a new QuickBooks data file for an existing company, opening balances are added by customizing the chart of accounts. This involves inputting the opening balance amounts for each account in the chart of accounts, such as cash, accounts payable, and accounts receivable. Adding vendors, customers, or inventory to their respective lists does not involve inputting opening balances.

When Creating a New QuickBooks Data File for an Existing