Question 5

You are reviewing the Client Overview tab for a new client to determine the scope of a bookkeeping clean-up engagement. You notice that there is a large amount in the Opening Balance Equity account.

Which 3 reasons could be causing this balance?

(Select all that apply)

• The client has added transactions in the Banking Center without assigning an account to them
• Opening balances for one or more Product/Service items were entered during the setup process
• The client entered an Opening Balance when creating a new Other Current Asset account
• Opening balances were included when importing Customers, using the Import Data tool