how do you set up a company that has been a going concern?
US QuickBooks Premier : 2012: Accountant
how do you set up a company that is on creative solution?
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02/12/12 11:53am PST
Viewed by asker 03/05/12 8:29am PST
Viewed by asker 03/05/12 8:29am PST
1 Reply
CountBean
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Pick a start date. Dec. 31, 2011 would be a good start date for a calendar year business. Input the trial balance from the old accounting system. You can temporarily post receivables and payables to an Accountant Use Only customer and vendor or use a clearing account.
Find out if the old accounting system can export vendor, customer, and item lists to an Excel file or a cvs file. If so, clean up the exported data and then import into QuickBooks.
Re-create open invoices and accounts payable and adjust the trial balance entry if you included the A/R and A/P.
Re-create any checks that hadn't cleared as of year end and then back them out of your opening journal entry. (So you can do your bank reconciliation.)
If the company has inventory and payroll, you'll need to get those set up too. This should get you started, and you can always ask more questions if you need more help.
