Quickbooks Online

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)

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