New to QBS not to trading - what do I do?
QuickBooks UKFirst year of quickbooks but not of trading. Is the only way to make my accounts correct to enter all previous years information? PLease say no.
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10/21/11 12:00pm PDT
Viewed by asker 10/23/11 6:45am PDT
Viewed by asker 10/23/11 6:45am PDT
7 Replies
CountryMusicMom
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10/21/11 12:39pm PDT
Do you have the financial statements for your last fiscal year?
If so, you only have to enter the opening balances.
10/22/11 5:23am PDT
I have entered opening balances for all customers and suppliers. This then made a P+L for the previous year which then altered my balance sheet. I have spent alot of time on the phone to the call centre but they cant help me. End of FY 28th Feb so this is the date I put on opening balances. Call centre said to change to 1st March ( first date of new year) but then this alters P+L.
10/22/11 8:40am PDT
It sounds like you entered the opening balances from your previous year's financial statements. Is that correct?
Do not change the date to March 1. The call centre is for QuickBooks questions, not accounting questions.
Print off a trial balance to February 28 and compare it to your actual trial balance.
Which amounts are different?
Did you enter an opening balance for Accounts Receivable and Payable and then enter the customer and supplier balances?
10/22/11 11:09am PDT
Yes this is correct. I entered all the entries for customers and suppliers but if it has the 29th Feb date then I cant get my retained earnings correct as it takes them from last years P+L which it has created from the opening balances. As there are things missing then it isn't correct.
10/22/11 11:40am PDT
Did you enter any other amounts, besides the customer and suppliers balances from your Trial Balance or Balance Sheet?
12/23/11 7:26am PST
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QB does not ask for your year end date but it asks what is the first month of your financial year? Check under Company, Company Information and ensure that you are showing March as the first month of your financial year. It then does matter if there is a 29th February or not!
I do wonder why you refer to the 29th though, as the last leap year was in 2008?
You should take your trial balance as at 28 February 2011 if that was your last financial year end. Enter all balances on your TB to QB and then enter this year's transactions.
If you are currently using another program, why not wait until 29 Feb 2012 (leap year!) and then start QB from 1 March 2012?
Do you know how to enter the balances using journal entries?
