What and where would I put past balances in QuickBooks to setup a company in Qbooks?

by Khawaja Khurram
(Karachi)

Hi,

We have a setup of business of computer software that has a product and this product are using our customer and we are charging them by recurring in Bill.com and some customer are in our self made software which we called xyz.
Now lets introduce myself I am in accounts who knows not very much but know how of accounting. my employer want to setup their business accounting QuickBooks. This company made in 2013, and I came in Feb-2015. Lets suppose we have taken online Qbooks what balances should we put in the account and where, where it need which makes an accurate annual reports. They need all the 2015 transaction should be put up in the accounts of book. How would I do this. Can you help me?

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Hi!

If I understand correctly, you're working for a business that wants to move it's accounting into QuickBooks.

To start using QuickBooks, you should take financial statements for the year ended 12/31/14, and enter them as beginning balances into QuickBooks. Hopefully you have a Balance Sheet and Income Statement for 2014.

Then enter all your deposits made and checks written during the year 2015 into QuickBooks as individual entries. If you don't know how to do that, look at the opening screen in QuickBooks - it's that diagram with icons and arrows on it. That diagram will have icons for you to click on like 'pay bills' or 'make deposit'.

By entering each transaction, you will have all the accounting detail for the year 2015.

After you've done that, you can print out 2015 financial statements for your boss.

I hope that helps!

Kathy

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