What you’ll learn
- How to Determine The Correct Starting Balances Of Your Accounts When You Begin Using QuickBooks
- How to Find The Opening Balances Of The Chart Of Accounts Or The General Ledger As Of The QuickBooks Start Date
- How To Set Up A Company In QuickBooks Desktop Or Online
- How To Input The Starting Balances In A QuickBooks File Or QuickBooks Online Account
- Techniques And Methods Of Setting Up And Transferring Over To A New Accounting System
- How To Input Starting Balances Of Your Customers
- How To Input Opening Balances In Accounts Receivable
- How To Input Starting Balances Of Your Service Vendors
- How To Input Opening Balances In Accounts Payable
- How To Input Starting Quantity Of Merchandise Inventory
- How To Set Up Starting Balances In Sales Tax Payable
- Anyone Who Wants To Know How To Make The Opening Balance Equity Adjustment
This revolutionary new QuickBooks course is for people who need to input opening balances in to their new QuickBooks File or new QuickBooks online account. You will follow these methods when changing accounting systems in order to get the accurate start-up numbers in the new system or new QuickBooks file or account. You must follow these instructions and then you can see when and how to make the opening balance journal entry. This set up journal entry that establishes beginning balancesand will come after all other QuickBooks areas of data have been input accurately for accurate start up balances in each area. When you have either a new QuickBooks file or new QuickBooks online account, it will have correct start-up numbers and you will be able to reconcile and have correct numbers from the declared start date until today.
Each QuickBooks lesson in this playlist shows how to set up beginning balances for each area of QuickBooks desktop and QuickBooks Online: Accounts receivable, Accounts payable, merchandise inventory quantity and the correct amount of sales tax payable at the moment you start your new QuickBooks desktop file, or new account for QuickBooks Online.
All of these areas must have their starting balances put in before the opening balances in the chart of accounts can be recorded twith the opening balance equity adjustment. Most people know there is a balancing journal entry to opening balance equity. This great quickbooks set-up/start-up course will show you how to set up the starting balances in each area and the beginning balances in the chart of accounts. This way, you can have accurate numbers going forward in your new accounting system or file.
Everyone who begins using QuickBooks after they have already been doing busines swill need this knowledge if they do not want to pay an accountant an arm and a leg to set them up on QuickBooks or QuickBooks online.
I answer all question very Quickly andI am happy to help.