11/22/2023 0 Comments Quickbooks premier contractor 2017Only the carry forward balances are part of the process. If it all happened in 2017, then that is done. "Should I use open balance equity account for these prepayments and put use the actual 2017 payment days for them?" You know it is Real Equity, so why use OBE or Opening fields? When that is money already on hand from the old file and the prior year, then this Deposit is from Equity. When you know you have money in the bank, make a deposit. ![]() I also recommend never using the Opening Balance field when setting up balance sheet accounts. "should I treat these CC prepayments in the same way as outstanding checks while you set up the open beginning balance for a new bank account?" If the customer owes me for concrete (subject to sales taxes) and labor (not subject to sales taxes) then all of that is Meaningful and not some generic opening balance entry. And Open Balance fields are meaningless and generic AR balances for customer names, AP balances for vendor names. "If I start a new company at QB I would create a new customer and use the open balance space" During 2017 it was 50% paid and at 12/31/17 it has only an open balance of $75,000." ![]() "I have one bill with 3 items lines used for a specific customer job for the total amount of $150,000. An unpaid invoice, from a 2017 sale, paid in 2018, would be a cash basis Sales and sales taxes also owed on cash basis is why you have an invoice from 2017, in the file waiting to have the payment received and applied.įor an accrual basis entity, the transactions are dated in 2017, so they will not be part of the 2018 reporting, because the program knows how to manage this. It also matters if this is a cash or accrual basis entity.Įxamples: An unpaid bill dated in 2017, paid in 2018, is a 2018 expense, so what is on that bill matters, and that is why you would enter a bill for something you owed at year end and didn't pay until the current fiscal year. You don't want generic opening balances you want Meaningful balances. The point of having invoices is that they create the specific AR for you. The point of having bills is that they create the specific AP for you. Since I am planning to start all my bank reconciliation from and I need to apply these prepayments for 2018 bills, should I treat these CC prepayments in the same way as outstanding checks while you set up the open beginning balance for a new bank account? Should I use open balance equity account for these prepayments and put use the actual 2017 payment days for them? In addition, some of 2018 open bills had credit card prepayments in 2017. But I already have an existing bill and don't feel comfortable to change the amount in the total. If I start a new company at QB I would create a new customer and use the open balance space to type only $75,000 as the beginning balance for 12/31/17. During 2017 it was 50% paid and at 12/31/17 it has only an open balance of $75,000. ![]() How may I adjust their existing total amounts and make them match with what should be an as open (unpaid) balance for the end of 2017? For example, I have one bill with 3 items lines used for a specific customer job for the total amount of $150,000. I think that I have to delete all bills that were issued and paid in 2017 since I start my new company book from 2018 and have to leave only those who have an open balance as of the last day of 2017. ![]() However, my big concern is existing vendors bills since 2017. First of all, I am planning to set up all beginning balances for all accounts and then finish all my bank reconciliations. They created the chart of accounts, vendor, customer, and item lists. After that, they didn't have any other activities in Quick Book.Īs a new accountant, I have to fix and close 2018. They transfer all 20 vendors purchase orders and bills from another software and leave them there unattended. My company decided to start using QuickBooks since 2018. I start a new job and here is my challenge.
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