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05/24/2012 at 04:51PM PDT
Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.
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financialsolutions
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01/12/09 7:49am PST
Viewed by asker 01/13/09 8:00am PST

Where can I post an adjusting entry to when reconciling a bank account?

US QuickBooks Premier : 2009: Accountant

Hello,

I am working on a clients file that is for a property he owns. It is on his personal tax return so he only cares if the net income/loss are correct, not too picky about anything else. He switched between a couple of different of methods of accounting and while the P & L's are right the ending bank balance for 07 is wrong. I am doing a month by month bank rec going forward but I need to correct the 07 balance without wasting time to search for the problem (since he really doesn't care). Should I post the cash difference to Owner's Equity? or Owner's Equity Contribution (where they showed their original investment)?

Thanks

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PhoebeRoberts
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01/12/09 1:55pm PST

*shudder*

Yes, Owner's Equity is the right account for that sort of thing.

If I wanted phone calls, my phone number would be in my profile. If you have a question, post it in the applicable forum.
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Michelle Long CPA
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01/13/09 4:55am PST
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But how much are you talking about adjusting? If it is a large or material amount, you may need to investigate further to determine if an amended return needs to be filed for that year.

PLEASE mark this answer as solved or post additional questions. Thanks so much!!!

Michelle L. Long, CPA, MBA

Author of the book "Successful QuickBooks Consulting: The Comprehensive Guide to Starting and Growing a QuickBooks Consulting Business"

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01/13/09 7:09am PST

Heh, I wasn't going to go there. In a situation where someone "switched between a couple different methods of accounting" in such a way that it screwed up the bank balances in QB, the materiality of a plug to draw would be way down on my list of concerns.

Not that I disagree with the usefulness of such an analysis in general, mind you. :)

If I wanted phone calls, my phone number would be in my profile. If you have a question, post it in the applicable forum.
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Thanks for the input guys. Typically I would search and search because I hate things not balancing but in this case I have tied the p & l out several times and that is correct. I am unable to tie the balance sheets out because of the way the accounting was done last year. The guy does not care about finding the variance as long as his net income/loss is correct. I have posted the entry to get the 12/31/07 balance correct to Owner's Equity and then am manually reentering all the transactions from 01/01/08.

Thanks for your answers!!! :)

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