If the expenses from the outstanding checks WERE NOT accounted for in your previous system, be sure to date these checks AFTER your QuickBooks start date.ģ. You should have used the bank account balance from your bank statement as of the last day before your QuickBooks start date – if start date is 1/1/18, use 12/31/17 balance from your bank statement. Something really important to know – Were the expenses from those outstanding checks counted as expenses in your previous system? If the expenses WERE accounted for in your previous system (and on your last tax return), enter these checks as dated as of their original date, and ADD the total of these checks back into your beginning bank balance. Enter each check that did NOT clear the bank before the QuickBooks start date, using the check date in each check register. ![]() Offset the balance with Owner’s Equity or Capital Stock on the Journal Entry.Ģ. For example, if your QuickBooks start date is 1/1/18, date your Journal Entry 12/31/1. Enter the beginning balances from your Accrual Based Balance Sheet (except for Accounts Receivable and Accounts Payable) as a Journal Entry on the Last day BEFORE your QuickBooks start date. If you have a Balance Sheet make sure it has been updated to match your tax return, or use the Balance Sheet from your tax return (For Corporations). All Bank, Loan, and Credit Card statements that include the last day before your QuickBooks start date.ġ.
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