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  1. #36
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    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.

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    AmithS (13-May-19)

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