Old receipts/payments recording in current year
how to enter old reciepts/paymnets without affecting bank balance of current year
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cYg1CMvbKr4yUOacwZ5xHE
02/10/12 11:26am PST
Viewed by asker 02/16/12 10:22am PST
Viewed by asker 02/16/12 10:22am PST
4 Replies
CountBean
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02/10/12 10:27pm PST
Create a new bank-type account and enter the transactions in that register. Let's call it TempChecking. After you've entered all the transactions and reconciled the TempChecking account, its balance should be the same as the balance in your regular checking account. At this point, zero out the TempChecking account to Opening Balance equity.
Then rename the TempChecking account to the same name as your regular checking account. QuickBooks will ask if you want to merge the 2 accounts. Click Yes to merge them. After the merge, all the transactions will be in one register.
You should zero out the Opening Balance Equity account too. You might want to get help from your accountant or a QuickBooks Pro Advisor for the final clean up.
02/13/12 11:47am PST
Hi, how do i zero out equity account. I am an accountant only but didnt learn QB.
02/13/12 3:42pm PST
I think i found the answer.
We need to pass a journal entry by adjusting retained earnings to AR balance. This way it will not affect the bank balance and it will ractified to prior years..
qbteachmt
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02/13/12 4:02pm PST
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You don't use journal entries for AR.
Your question didn't relate to AR at all. For AR, you using Invoice, credit memos and Payments. For closed AR, use Sales Receipt, not Invoice.
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