recommendations for starting 1/2 way through fiscal year

  • Thread starter Curious George the Monkey
  • Start date

C

Curious George the Monkey

Hi Everyone,

I have a problem or issue and don't know what direction to follow.

I have just installed QuickBooks Premier 2005.

The corporate fiscal year begins on July 1st.

Up until now I have been using excel spreadsheets, word documents
to keep up with accounting, but near the year end it takes me 3 weeks
to organize details for the chartered accountant whom filed the corp.
filings based on the data I supply.

Its now February, and I have about 100 purchase orders, 200
invoices, some inventory, a product catalogue of 300 items, and
a few thousand receipts for office supplies, furniture, software,
etc... expenses that are organized per month.

My question is, what should I do? Can I enter all this data
one by one and replicate all the PO's, Invoices, Cheques, Bank
Deposits, Inventory, Product Catalogue, etc.... to catch up even
though is been 7-8 months ?

Can I enter this data somehow so that each transaction matches
the date in which they occurred ? or should I enter everything
into catagories and count it as one lump sum transaction.

Please provide me with some ideas, insight and instructions
in detail to help me about setting up the system.

Cheers a million.
George the monkey.
 
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A

Allan Martin

Curious George the Monkey said:
Hi Everyone,

I have a problem or issue and don't know what direction to follow.

I have just installed QuickBooks Premier 2005.

The corporate fiscal year begins on July 1st.

Up until now I have been using excel spreadsheets, word documents
to keep up with accounting, but near the year end it takes me 3 weeks
to organize details for the chartered accountant whom filed the corp.
filings based on the data I supply.

Its now February, and I have about 100 purchase orders, 200
invoices, some inventory, a product catalogue of 300 items, and
a few thousand receipts for office supplies, furniture, software,
etc... expenses that are organized per month.

My question is, what should I do? Can I enter all this data
one by one and replicate all the PO's, Invoices, Cheques, Bank
Deposits, Inventory, Product Catalogue, etc.... to catch up even
though is been 7-8 months ?

Can I enter this data somehow so that each transaction matches
the date in which they occurred ? or should I enter everything
into catagories and count it as one lump sum transaction.

Please provide me with some ideas, insight and instructions
in detail to help me about setting up the system.

I believe the best advice anyone can give you is work with your accountant
on this project. If your accounting records are currently up to date and
good then certainly the path of least resistance is to pick a closing date
for your old system, enter the year to date balances into your new system
and move on from there.
 
T

Thomas Healy

Hi Everyone,

I have a problem or issue and don't know what direction to follow.

I have just installed QuickBooks Premier 2005.

The corporate fiscal year begins on July 1st.

Up until now I have been using excel spreadsheets, word documents
to keep up with accounting, but near the year end it takes me 3 weeks
to organize details for the chartered accountant whom filed the corp.
filings based on the data I supply.

Its now February, and I have about 100 purchase orders, 200
invoices, some inventory, a product catalogue of 300 items, and
a few thousand receipts for office supplies, furniture, software,
etc... expenses that are organized per month.

My question is, what should I do? Can I enter all this data
one by one and replicate all the PO's, Invoices, Cheques, Bank
Deposits, Inventory, Product Catalogue, etc.... to catch up even
though is been 7-8 months ?

Can I enter this data somehow so that each transaction matches
the date in which they occurred ? or should I enter everything
into catagories and count it as one lump sum transaction.

Please provide me with some ideas, insight and instructions
in detail to help me about setting up the system.

Cheers a million.
George the monkey.
I think this is an excellent time to start using QuickBooks.

The best thing is to have your CA help you set QuickBooks up right for your
business. Then, have him show you how to enter the basic transactions from 1
July 04, and reconcile against the bank account. Once you have the hang of
it, enter two or 3 months of data and review that with your accountant to be
sure you're doing it right.

From then on you should be able to get QuickBooks caught up to today pretty
quickly. You'll only need to call your accountant for unusual transactions,
or ones you haven't come across before.
 
Z

Z Man

!-! said:
I agree 100% with Allan and Thomas. Call your accountant.
I don't agree. When folks post a question here, there are not looking for a
response such as 'call tech support' or 'ask your accountant'. They have
probably already done so, and are looking for a second (or third) opinion
here. So, I will give you one. The best thing for the accountant is for the
client to enter all transactions into QuickBooks from the beginning of the
year, so that a full set of books is available. If that is not possibly due
to time (or other) constraints, enter the year-to-date balances from your
prior system, whatever it is, and commence entering current transactions
directly into QuickBooks. Least desirable, but more and more indicated as
you move towards the end of your fiscal year, is to continue with your
present system and start next year with QuickBooks. Clear?
 
?

!-!

He may be looking for something other than "consult your accountant",
but that might nevertheless be the best advice. I think he was asking
which of 2 ways he should go, and it seems to me you told him "one of
those, or maybe a third". 3 of us have suggested that his accountant
might help him make the most appropriate decision. Moreover,
whichever he chooses, his accountant can help him do it "properly".
 
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C

Curious George the Monkey

Howdy,

I appreciate all your answers.

Using an accountant is a waste of time for me in this situation.
The reason why I posted here is becuase TRIVIAL answers have already
been tried.

My accountant doesn't give a crap, and most don't either since they are
C.A.'s. It would only be interest to him if I were to spend a few
$1000's. For 1 hour he charges me over $500, and you think that he
will sit down all day and help me! No way!!! He doesn't use
quickbooks anyway, he uses accpac.

The reason I purchased this ~$400 software is to save money, so spending
several hundred or $1000 more dollars would be a waste of time and
money, secondly I would have then considered buying better software
such as MS Great Plains if I were to spend over $2000.

Zman is absolutely right!

Anymore opinions in detail would help, I need help using the software
not help from an accountant.

I don't mind spending a couple of days entering in the data, I guess I
can somehow learn this by experimenting with the sample data ? Is that
a good idea? And does anyone recommend video's etc. or other
online resources I can consider where I can learn all about my
problem. Is there a name for it ?

Thanks.
 
J

John

Curious George the Monkey said:
Howdy,

I appreciate all your answers.

Using an accountant is a waste of time for me in this situation.
The reason why I posted here is becuase TRIVIAL answers have already
been tried.

My accountant doesn't give a crap, and most don't either since they are
C.A.'s. It would only be interest to him if I were to spend a few
$1000's. For 1 hour he charges me over $500, and you think that he
will sit down all day and help me! No way!!! He doesn't use
quickbooks anyway, he uses accpac.

The reason I purchased this ~$400 software is to save money, so spending
several hundred or $1000 more dollars would be a waste of time and
money, secondly I would have then considered buying better software
such as MS Great Plains if I were to spend over $2000.

Zman is absolutely right!

Anymore opinions in detail would help, I need help using the software
not help from an accountant.

I don't mind spending a couple of days entering in the data, I guess I
can somehow learn this by experimenting with the sample data ? Is that
a good idea? And does anyone recommend video's etc. or other
online resources I can consider where I can learn all about my
problem. Is there a name for it ?
yes, there is a name for your "problem" but why don't you consider looking
for a quickbooks advisor that doesn't charge $500 an hour? I don't where
you live but there are many with quickbooks skills and it is important in
starting out correctly -- this is more than bookkeeping as it includes
saving taxes, money managment, customer database, etc.
 
V

Victor Roberts

Howdy,

I appreciate all your answers.

Using an accountant is a waste of time for me in this situation.
The reason why I posted here is becuase TRIVIAL answers have already
been tried.

My accountant doesn't give a crap, and most don't either since they are
C.A.'s. It would only be interest to him if I were to spend a few
$1000's. For 1 hour he charges me over $500, and you think that he
will sit down all day and help me! No way!!! He doesn't use
quickbooks anyway, he uses accpac.
Seems like you need a new accountant. My accountant does not "use" QB
either, but he recommended QB because he thought I could deal with it
and because he can pen QB files to check my books and can also import
QB data into his accounting software at tax time. He also charges far
less than $500 per hour.
 
A

Allan Martin

Curious George the Monkey said:
Howdy,

I appreciate all your answers.

Using an accountant is a waste of time for me in this situation.
The reason why I posted here is becuase TRIVIAL answers have already
been tried.

My accountant doesn't give a crap, and most don't either since they are
C.A.'s. It would only be interest to him if I were to spend a few
$1000's. For 1 hour he charges me over $500, and you think that he
will sit down all day and help me! No way!!! He doesn't use
quickbooks anyway, he uses accpac.

The reason I purchased this ~$400 software is to save money, so spending
several hundred or $1000 more dollars would be a waste of time and
money, secondly I would have then considered buying better software
such as MS Great Plains if I were to spend over $2000.

Zman is absolutely right!

Anymore opinions in detail would help, I need help using the software
not help from an accountant.

I don't mind spending a couple of days entering in the data, I guess I
can somehow learn this by experimenting with the sample data ? Is that
a good idea? And does anyone recommend video's etc. or other
online resources I can consider where I can learn all about my
problem. Is there a name for it ?

Thanks.
I guess most of us really can't help you any further. At least you answered
the question many of us in this group have on our minds, that being why you
named youself after a monkey.
 
C

Curious George the Monkey

Here is a question.

What would happen if I didn't properly set up my quickbooks ? Would
it be impossible to resolve? Could I simply alter for example the way
invoices are entered or inventory is recorded ?

Thanks
 
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J

John

Here is a question.

What would happen if I didn't properly set up my quickbooks ? Would
it be impossible to resolve? Could I simply alter for example the way
invoices are entered or inventory is recorded ?

Thanks
practically anything you did could be fixed but it might be more expensive
later on to undo transactions for income taxes or financial statements or
running the business.











 
?

!-!

Of course it would not be "impossible" to resolve. You could simply
start over from scratch, having wasted all your time to that point -
not to mention the time spent analyzing what's wrong to determine
whether there is an easier way to fix it, which might involve a number
of hours of your accountant's time at $500 per. Is it so difficult to
understand that it's better to do something right the first time?

As has been said already, you should consult with your ***NEW***
accountant.


Curious George the Monkey said:
Here is a question.

What would happen if I didn't properly set up my quickbooks ? Would
it be impossible to resolve? Could I simply alter for example the way
invoices are entered or inventory is recorded ?

Thanks
 
L

L

Curious George the Monkey said:
Here is a question.

What would happen if I didn't properly set up my quickbooks ? Would
it be impossible to resolve? Could I simply alter for example the way
invoices are entered or inventory is recorded ?
You can always start over.
Sometimes, you can live with your mistake. I set up my job materials as
inventory types - the wrong thing to do because there are a number of
miscellaneous materials used by the work crews -- and when I originally did
the company set up I had no clue what job items were kept track of and sold
to customers and what were consumables that were best listed as
non-inventory items (imagine setting up your office to keep track of
individual pencils and white-out!)
So, all my items are listed as inventory type - even though some never get
'sold' but are 'used'. At the end of each year my accountant makes an
inventory adjustment. Is it fatal? No. But I wish I had had a clue during
set-up.
I *did* (and still!) work with my accountant - and new situations occur on a
regular basis. Even though QB keeps track of my business financial data, it
is my accountant who keeps track of my business financials.

As regards your original post.
"Can I enter all this data one by one and replicate all the PO's, Invoices,
Cheques, Bank Deposits, Inventory, Product Catalogue, etc.... to catch up
even though is been 7-8 months ?"

Yes, you can. It may well take you more than the 3 weeks you currently spend
at year end. This was suggested by Z-man in his post. "The best thing for
the accountant is for the client to enter all transactions into QuickBooks
from the beginning of the year, so that a full set of books is available."

"Can I enter this data somehow so that each transaction matches
the date in which they occurred ? or should I enter everything
into catagories and count it as one lump sum transaction."

Again, yes, and yes.
You can enter summary data - for the year or by the month. This was
suggested by Allan in *his* post "If your accounting records are currently
up to date and good then certainly the path of least resistance is to pick a
closing date for your old system, enter the year to date balances into your
new system and move on from there."

Any of these decisions will get the data into QB. But, will your accountant
be able to work with the data as entered? Or will you have a 3 week mess at
your year-end?

You stated "Using an accountant is a waste of time for me in this situation.
The reason why I posted here is becuase TRIVIAL answers have already
been tried."
What trivial answers? For future reference, if posting to any newsgroup for
answers to a problem, it is best to tell what actions have been tried and
failed.

"My accountant doesn't give a crap, and most don't either since they are
C.A.'s."
I have had business relationships with folks I don't like. I have had
business relationships with folks that don't like me. I have *never* had a
sustained business relationship with someone who "doesn't give a crap". Why
on earth would you PAY someone for not caring?

I haven't a clue what a chartered accountant is - I googled it and it is a
British certification. While your original post was spelled as if you might
be 'across the pond' your use of $ sounded strictly American. In either
case, I think you have done a disservice to "C.A.s" by lumping them in with
your accountant.
 
A

Allan Martin

L said:
You can always start over.
Sometimes, you can live with your mistake. I set up my job materials as
inventory types - the wrong thing to do because there are a number of
miscellaneous materials used by the work crews -- and when I originally
did the company set up I had no clue what job items were kept track of and
sold to customers and what were consumables that were best listed as
non-inventory items (imagine setting up your office to keep track of
individual pencils and white-out!)
So, all my items are listed as inventory type - even though some never get
'sold' but are 'used'. At the end of each year my accountant makes an
inventory adjustment. Is it fatal? No. But I wish I had had a clue during
set-up.
I *did* (and still!) work with my accountant - and new situations occur on
a regular basis. Even though QB keeps track of my business financial data,
it is my accountant who keeps track of my business financials.

As regards your original post.
"Can I enter all this data one by one and replicate all the PO's,
Invoices, Cheques, Bank Deposits, Inventory, Product Catalogue, etc.... to
catch up even though is been 7-8 months ?"

Yes, you can. It may well take you more than the 3 weeks you currently
spend at year end. This was suggested by Z-man in his post. "The best
thing for the accountant is for the client to enter all transactions into
QuickBooks from the beginning of the year, so that a full set of books is
available."

"Can I enter this data somehow so that each transaction matches
the date in which they occurred ? or should I enter everything
into catagories and count it as one lump sum transaction."

Again, yes, and yes.
You can enter summary data - for the year or by the month. This was
suggested by Allan in *his* post "If your accounting records are currently
up to date and good then certainly the path of least resistance is to pick
a closing date for your old system, enter the year to date balances into
your new system and move on from there."

Any of these decisions will get the data into QB. But, will your
accountant be able to work with the data as entered? Or will you have a 3
week mess at your year-end?
One might also add that reguardless of which decision is made, either enter
all the transactions for the year or choose a starting point during the
year, an accruate beginning trial balance is required. My bet from reading
the OP's posts is that only the accountant can supply this.
 
?

!-!

Chartered Accountant (CA) is a professional designation in a number of
countries other than the UK. I'm not 100% certain, but I believe this
includes Canada, Australia, New Zealand, Nigeria, South Africa, India,
Hong Kong and a fair number more. Some French-speaking countries also
use the designation "CA" (Comptable Agréé). Several of these
countries also call their currency "dollars" ($). His message
headers indicate that he is, in fact, in Canada.

I guess your version of Google is out of date.
 
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V

Victor Roberts

Here is a question.

What would happen if I didn't properly set up my quickbooks ? Would
it be impossible to resolve? Could I simply alter for example the way
invoices are entered or inventory is recorded ?
It is almost always possible for your accountant to resolve errors
after the fact, but it is far less expensive to sit down with the
accountant who will be doing your tax return before hand and get
his/her advice on entering the data correctly the first time. It also
may prevent you from making an error that triggers extra taxes or
penalties.
 

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