Page 9 of 9 FirstFirst ... 789
Results 81 to 84 of 84

Thread: Quickbooks Journey

  1. #81
    Silver Member
    Join Date
    Feb 2016
    Location
    Johannesburg
    Posts
    427
    Thanks
    26
    Thanked 120 Times in 107 Posts
    No it is totally incorrect. The different balance sheets merely give different sub-totals and the order is changed.

    I would need to see a trial balance before the take on date and know what share capital your company has issued, to properly advise you.

    Normally you should use two journal entries to take on balances into Quickbooks:
    1. The first is all of the debit balances, excluding Accounts Receivable, and the balancing credit should go to a Suspense account you created as an Equity account.
    2. The second is all of the credit balances, excluding the Accounts Payable, and the balancing debit should go to a Suspense account you created as an Equity account.
    3. The next step is to create a take-on item in the Items List. Use a Service Type and tick the box "This service item ... blah blah.. ". In the Sales as well as the Purchases / Expenses slot point it to the suspense account.
    4. Now use an Invoice to enter all of the amounts owed by customers at take on date.
    5. Use a Bill to enter all of the amounts owed to suppliers at take on date.

    If you have done the job correctly, the balance of the suspense account should be nil.

    If you struggle, PM me.

  2. Thanks given for this post:

    AmithS (13-May-19)

  3. #82
    Platinum Member
    Join Date
    Oct 2008
    Location
    South Africa
    Posts
    1,445
    Thanks
    199
    Thanked 78 Times in 74 Posts
    Thanks Andromeda, will have a look in more detail and advise.

  4. #83
    Platinum Member
    Join Date
    Oct 2008
    Location
    South Africa
    Posts
    1,445
    Thanks
    199
    Thanked 78 Times in 74 Posts
    Another Q, what is the preferable method to use cash or accrual basis? and is this only applicable to the reports in QBs?

  5. #84
    Platinum Member
    Join Date
    Oct 2008
    Location
    South Africa
    Posts
    1,445
    Thanks
    199
    Thanked 78 Times in 74 Posts
    Regarding assets, if you purchase an asset, e.g. a ladder that you don't intend on depreciating due to the small value say R700.
    Do you place it in an Fixed Asset chart of accounts account or an Expense account...

Page 9 of 9 FirstFirst ... 789

Similar Threads

  1. Your Journey to Google's First Page
    By Eric76 in forum Marketing Forum
    Replies: 4
    Last Post: 07-Dec-14, 10:07 AM
  2. Quickbooks - Tax Invoice
    By Mike C in forum Accounting Forum
    Replies: 2
    Last Post: 17-Oct-13, 10:44 AM
  3. Journey to the centre of Earth...
    By Dave S in forum General Chat Forum
    Replies: 6
    Last Post: 26-Jul-13, 02:36 PM
  4. Quickbooks over VPN
    By RKS Computer Solutions in forum Accounting Forum
    Replies: 8
    Last Post: 20-Nov-07, 09:18 PM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •