Question - In any accounting software, there is a need to set up the company and the company file. QuickBooks is no different. When a company identifies, purchases, and installs an accounting software program it may not be at the inception of the company. If this is the case, opening balances must be entered into the accounting system. What are the steps in setting up the company file? How would you enter opening balances into QuickBooks? What should the balance in the Opening Balance be at the end of the day?