New company, old deposit
7/1/09 4:30 PM
Total Views: 430
I set up my new company with the clients, invoices & payments. The money I received to date went in my personal account - now I want to open a business account and start fresh but still keep the transactions, invoices and payments. How do I make a fake "deposit" to clear my Undeposited Funds and start anew?
Answer
Hi sophie530,
If you had a personal bank account that all of these deposits actually hit in real life, then I would go ahead and create a personal bank account in QuickBooks to deposit these to. Then, I would make a journal entry that moved the amount in the bank account into Owner's Draw. Then, your personal bank account will have a zero dollar balance in QuickBooks, but you will have the income correct for your business.
Lastly, as soon as you start using your company bank account, you can deposit things into this account to reflect what's going on in real life.
Please let me know if this helps or if you have other questions. If it does help, please consider marking it helpful or solved! If you didn't ask, but it helped you, click the plus sign to show that it did.
Sincerely,
Jason
