AFTER QuickBooks start up balances
QuickBooks Canada : Pro 2012What do I do AFTER I've set up all my accounts using the "quickbooks startup balances" Where do these "startup" accounts end up?
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02/10/12 10:13am PST
Viewed by asker 04/27/12 1:04pm PDT
Viewed by asker 04/27/12 1:04pm PDT
7 Replies
Safari818
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Questions answered: 12034
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02/10/12 9:43pm PST
Please clarify: what do you mean by "startup accounts"?
Your chart of accounts contains all of your existing General Ledger accounts. These can be edited, most can be deleted if there have been no transactions entered for them, and new accounts can be added.
Any startup balances that you entered are in the accounts where you entered them.
What is your specific problem or question?
What you do "next" is to record new transactions.
02/13/12 9:46am PST
I followed the instructions on Laura Madeira's "QB startup balances" as suggested by many people on the community to set up the opening balances in QB. My question is what happens to the set up accounts as we were told to set up .... A/R Startup account. A/P startup account. Cash startup account.
You were one of many who suggested using the instruction sheets. Now what?
02/13/12 7:48pm PST
If you followed the instructions correctly, using the correct amounts, the balances in those accounts should be zero. You can then make them "Inactive".
02/16/12 8:35am PST
Looks like I've done something wrong as the balances are not zero. Perhaps when I was entering the AP & AR transactions?
02/17/12 11:22am PST
I guess so. Impossiible to tell without looking, but I can't think of any other reason for a problem.
02/17/12 12:00pm PST
I figured it out. I didn't do the opening entries for AP & AR to retained earnings.
Thanks for your input.
