USA Quick books Online


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I am helping a service company enter their financials into Quickbook online. It is September and hey want to record everything from January.

After downloading banking transactions, Quickbooks online gives me Quickbooks Balance and makes opening deposit journal entry.

Should I change this balance to the banking opening balance as of Jan 1 as we are doing historical data?

Also do I need to make opening journal entry's such opening balance of retained Earnings, fixed asset account and depreciation accounts ?
 
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smallbushelp

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Assuming that the company's fiscal year is January to December, if there was activity in 2014 that would create beginning balances as of 1/01/15, then yes, you will need to make journal entries to record the beginning balances. This would include an entry for the beginning balance in the bank account. Don't let QBO make an opening deposit journal entry. And remember that you will be recording the beginning cash or bank balance, not the book balance. You should enter any outstanding checks or deposits into the check register so that they can be cleared in the correct period.

If you haven't done a conversion to QBO before, please don't attempt it without having reviewed some of their training videos. QBO is different from QB desktop and I know you want to do the best job for your client.
 

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