Starting new.

[coin]

I just started working for a small business that is growing fairly well. Starting off with a Quickbooks file that runs through the past couple of years, but the owner wants to start new as of Jan 1, 2012 and track the hours as timesheets for each employee for each job (which wasn't done before). What would be the easiest way for me to transition into this? I know that I'll most likely have to go back and enter each employees hours per job and per wage for each job as payroll items, which wont be so bad since it's only mid feb. However, how should I go about setting the starting balance? Should it be exactly what it was at 01 Jan, and then manually enter credits and debits into the register or is there a way to import such?

 

[jamesray50]

Hi Coin - did you get an answer to your question yet? I just joined the forum and saw your question. You can export and then import your lists as an iif file to your new company. Enter your ending balances for 2011 with a 12/31/11 date as a journal entry.
Do not enter the AR and AP balance as a journal entry. Enter outstanding invoices and bills on the Invoice and Bill forms. Check that all balances are correct and that there is not a balance in Opening Equity Balance. If there is, move it to Retained Earnings. After everything for 2011 has been entered and agrees to your tax return, then you can enter for 2012. (Actually you can go ahead with 2012 transactions if you need to, but your reports won't be accurate until the ending balances for 2011 have been entered.) Set a closing date and password for 2011 so you won't accidentally enter anything into the closed period.

Hope this helps.

Jo Ellen Peters