Good Afternoon,
I work for a firm that does fairly high volume invoicing, around 1,000 invoices a month now and growing. Currently they're set up with Quickbooks online. It's a very slow and tedious process to enter all of the invoices individually. I got the transaction pro app to batch import invoices from our software that tracks our orders and invoices our customers automatically.
However, this is still an imperfect solution. If there is anything wrong with the import you must go through each individually to fix them.
I would like to make general month-end entries based on the balances from the other software, but QBO does not like these for Accounts Payable, requiring a vendor name when you make general journal entries.
Regardless of whether we're able to make general entries or no, when auditing the account I noticed a vendor set up as "COGS Entry" by the previous Accountant (who was more of a bookkeeper by the looks of things) for making general journal "closing" entries. As those who use QBO know, you do not need closing entries in QBO (or Quickbooks).
Here's the crux of my dilemma - while I can reference the other software to correct the books, they didn't start using that software until Feb 2015. Prior, they used a difference software program based in the cloud that went belly-up and no records exist outside of our QBO.
I can't vouch for the integrity of our books. I've already corrected hundreds of mind-boggling entries but I can't foresee a way to ultimately correct everything. I wish I could just burn everything to the ground and start over.
Not being a CPA or accountant by trade (my accounting knowledge comes from accounting classes from my MBA and undergrad programs) I'm not sure what to do in this situation. I should probably fork everything I have over to a qualified CPA but we definitely don't have the budget for this now. What would you recommend?
Looking forward to any advice.
Thanks,
Shawn
I work for a firm that does fairly high volume invoicing, around 1,000 invoices a month now and growing. Currently they're set up with Quickbooks online. It's a very slow and tedious process to enter all of the invoices individually. I got the transaction pro app to batch import invoices from our software that tracks our orders and invoices our customers automatically.
However, this is still an imperfect solution. If there is anything wrong with the import you must go through each individually to fix them.
I would like to make general month-end entries based on the balances from the other software, but QBO does not like these for Accounts Payable, requiring a vendor name when you make general journal entries.
Regardless of whether we're able to make general entries or no, when auditing the account I noticed a vendor set up as "COGS Entry" by the previous Accountant (who was more of a bookkeeper by the looks of things) for making general journal "closing" entries. As those who use QBO know, you do not need closing entries in QBO (or Quickbooks).
Here's the crux of my dilemma - while I can reference the other software to correct the books, they didn't start using that software until Feb 2015. Prior, they used a difference software program based in the cloud that went belly-up and no records exist outside of our QBO.
I can't vouch for the integrity of our books. I've already corrected hundreds of mind-boggling entries but I can't foresee a way to ultimately correct everything. I wish I could just burn everything to the ground and start over.
Not being a CPA or accountant by trade (my accounting knowledge comes from accounting classes from my MBA and undergrad programs) I'm not sure what to do in this situation. I should probably fork everything I have over to a qualified CPA but we definitely don't have the budget for this now. What would you recommend?
Looking forward to any advice.
Thanks,
Shawn