How do i opt profit and loss type account in the opening entry ?
You can’t. You need to use Temporary Account for this. I struggled with this a lot when we were migrating our data.
hey, how did you solve this one if I may ask?
Got sales from 2020, usually in my Trial Balance under Sales. I understand I can’t add that to the Opening Entry and need to use Temporary Account for this. How to make sure that the balance of Temporary Account gets to zero?
When these are paid, they will deduct from the temporary account until it is $0. If you have to write any of these off, just make sure you counter balance the write off account with the temporary account in journal entry accordingly.