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Frequent Contributor *

Re: Entering previous year bank statement

I also have the problem of my opening balance.  I need to make it the balance of the first of the year, however it is recording a balance which I can't figure out.  I must be overlooking something silly, I just don't know what.

QuickBooks Team

Re: Entering previous year bank statement

Hey again, @Reveille.

 

I've got you covered. I have some recommendations for checking in on what you're doing in the company file, and how you can manage your beginning balances. There are three reports that will help when reviewing your numbers: a Profit & Loss, a Balance Sheet, and a Company Snapshot report.

 

These reports will show you all of the different accounts and give you perspective on how the transactions are affecting your books. You can find the Profit & Loss, and Balance Sheet under the Reports tab across the top, under Company & Financial. The Company Snapshot can be found on your Menu bar. This can be found on the left side of your screen, or across the top depending on your View preference. You will see an option for Snapshot that will pull up the report.

 

The balances you're encountering were more than likely created once you imported your bank data. You have a few options available to you to fix this. You can edit a beginning balance that was already entered, or you can create one. Here's how you can edit an existing beginning balance:

  • Find the first transaction on your account register (It should be either a deposit or a general journal).
  • Right-click the transaction and select Edit.
  • Now you can enter the correct date and balance.
  • Click Save & Close when you're finished.

If you don't have a beginning balance in there already, I've attached an article on how to enter a beginning balance for the various types of accounts in QuickBooks: https://community.intuit.com/articles/1501315-record-opening-balance . Let me know if you have any questions about this, Reveille. I look forward to hearing from you.

 

Frequent Contributor *

Re: Entering previous year bank statement

 BRAND NEW PROBLEM!  And this one I do not at all know how to solve.

 

Precisely on 5/19/17 a check was written for 10,000 paid to the order of Reveille Real Estate Appraisal.  Boom in a stroke of a pen, you have a new company.  Once I get to this there shouldn't be anymore payroll etc., well guess what there is...And I have to get the bank feeds for the new account used for the new company, fortunately it's a totally different bank which makes it easier to separate. 

Frequent Contributor *

Re: Entering previous year bank statement

He continued to write payroll out of this account while at the same time transferring monies to go to the new account.  So, really he was making the transition slowly. 

QuickBooks Team

Re: Entering previous year bank statement

Good afternoon, @Reveille.

 

I wanted to clarify something from, "He continued to write payroll out of this account while at the same time transferring monies to go to the new account." Does this mean that the client was running payroll out of the original account, and then transferring monies to his new account to accommodate payroll coming out of the new account? 

Frequent Contributor *

Re: Entering previous year bank statement

How can I merge the accounts until he is no longer using this account for business expenses.

Frequent Contributor *

Re: Entering previous year bank statement

Pretty much!  At least that's the way I see it, he of course doesn't realize the importance of making a clean break...if that makes sense. 

 

I'm almost going to have to merge the 2 accounts together until they finally split.

 

Frustrating....

Frequent Contributor *

Re: Entering previous year bank statement

Actually no, he continued writing payroll out of the old account along with making deposits.  Without seeing the new statements from the new account, I can't be sure of anything.

 

 

The only saving grace is that he kept it really simple.

Frequent Contributor *

Re: Entering previous year bank statement

Okay, after doing the reading, I think the best bet would be to enter an opening balance equity or retained earnings.  I just have to be careful that I do this right.

Frequent Contributor *

Re: Entering previous year bank statement

Could I just create a new account under "Accounts Receivable" in other Account types?

Frequent Explorer **

Re: Entering previous year bank statement

This is Reveille continuing the journey...wish me luck!!

 

I had to create a new account so that I could communicate through my personal e-mail, etc.  I have questions that I think about at home when I can't access the software because he doesn't have it on the server, just on one workstation.

 

Okay, I have almost come to the conclusion that starting over might be best....it wasn't difficult to enter the information before and I can easily do it again, but with a better handle on things.  I've learned so much just from y'alls help!!  I'm thinking if I start over and put all that I learned toward a new file, that I'll be much better off.

 

1.  Still I have primarily bank accounts I'm working from, this is my starting point.

                          a. each month there are a few types of transactions

1.  All the deposits are from Clients/Customers, however the deposits were often bundled together to make one deposit.  (this is our AR)

2.  Payroll (checks) part of our AP

3. ACH transactions for dues, payroll payment fees, professional services, rent, insurance (private) for the the owner, Credit card payments (these I don't have copies of yet.)  As far as they are concerned I might just have to classify them as un-catergorized (sp) expenses

(The chart of accounts is going to differ wildly with the new one for the new company.  Which will make it so much easier to follow.) Also, AP

4.  Miscellaneous Checks for professional fees etc. also AP

 

Now, the deposits, I can track these by going back over the files, invoices and trying to match them, so that I might figure out who still owes, etc.  This will be a tedious task, however I also thought about calling each Client, they are all management companies that keep good records.  This way I could compile a list of clients that were served in 2017, meaning there is a record of a file/invoice etc. to match to.  I could call each client and get a list of payments to the companiy(ies) (remember the company splits half way through the year with a new name, LLC, and checking).  Now, the list I compile would come from the files on hand that represent each job.  I would create a list of all the client's names and call them for this information.  Then I could pull each file and match it to the payments.  Of course, these payments are ones that we can be pretty sure are accurate simply because we are dealing with companies and not individuals.  Each file/invoice would then have at least payment information attached.  If my payments = the deposits and - the invoices match then woohoo all is well!! I don't think I'm going to get that lucky.

 

The trick is getting the deposits to match to anything.  He NEVER itemized the deposits at all!!  However with the other two bits of information (files/invoices and payment history I get from the clients)  I could somewhat come close to matching them.  Whatever invoices/files that don't have a matched deposit and payment would be the one's I would have to research and vice versa if there are any payments that don't match an invoice/file, I'd have to research them as well.  This would also show any outstanding invoices and exactly which ones they are. 

 

This might solve our A/R difficulties (matching the deposits(income) to the appropriate account, which I might lump all together in one account because all the jobs are service jobs, no inventory comes into play.  A better explanation is that the jobs are simply for appraisals, and you can lump all types of appraisals together in one big income account.  This is my only saving grace.

 

I would begin by recreating the company and entering the beginning balance.  I would download all the statements for 2017 and reconcile those transactions (checks and ACH) one at a time with a new chart of accounts (however, I'm wondering about the credit card statements, should  I reconcile them as a lump sum and not worry about getting the statements, this would mean that all of those expenses could not be categorized. I would just have to assume that they were all business related.) or should I insist on the statements so that I can place them in the proper accounts.

 

Now I would go back to the statements and reconcile all the deposits to the one main income account.  

 

At some point I could enter the invoices that I researched, the ones with the payments that I had to somehow match, that's going to be fun!!

 

So now we have expenses to match A/P.

And income to match A/R.

 

Finally, a Balance sheet!!

 

With a little tweaking (or a lot of tweaking) I should come away with something that is somewhat accurate and can be used to create reports.

 

Then I can I or do I put in an ending balance.

 

It would come off the statements for now?

Frequent Explorer **

Re: Entering previous year bank statement

I decided to go ahead and create a new company.  When I import the bank statements it gives me an unknown number representing the balance of that bank.  I'm unaware of how to change this or even if I should change it, it certainly does not represent the opening balance.

 

I need to reflect the opening balance from January 1.  I have that balance to work with now how do I put it in?

 

Journal Entry?  Retained Earnings?

 

 

Frequent Explorer **

Re: Entering previous year bank statement

Question;

 

Good afternoon, @Reveille.

 

I wanted to clarify something from, "He continued to write payroll out of this account while at the same time transferring monies to go to the new account." Does this mean that the client was running payroll out of the original account, and then transferring monies to his new account to accommodate payroll coming out of the new account? 

 
 My Answer, again,
Your question deserved more of an answer...even though I still haven't gotten the bank statements for the new account, I am under the impression and by looking at the statements from June 2017 and on, yes, he continued payroll on this account and then began transferring to the new account small batches of monies at a time.

 

Now I have not gotten the other bank statements for his newest account so I don't quite know the order everything will go in.  I do have an idea to split the account at the same time the new account was created, and I don't know if that is even the correct terminology.  Essentially, the new company will begin with the balance ending of the old account on the first day of the new account.  Then I'm going to have to combine the two accounts under the new company name.  Eventually, I can phase out the old account.

 

As simple as it seems, and it is simple, I'm finding it hard because it doesn't follow normal accounting practices.  

 

Reveille

Community Contributor *

Re: Entering previous year bank statement

So where exactly should I enter these transactions manually? I have been entering them under Vendors. Placing the bank name as the "vendor" and then doing each item as if it where all on one bill. So one "bill" would be each statement. Is this what you mean? Or am I way off base here? 

QuickBooks Team

Re: Entering previous year bank statement

Hello, @York Signs.

 

I'd like to help you further in entering previous transactions in QuickBooks. Can you provide more details about the transactions that you wanted to enter into QuickBooks?

 

Any clarification would be much appreciated. This way, I can help ensure that I provide the best information.

 

 

I'll be keeping an eye out for your reply should you need further assistance with this. Best regards.

 

 

 

Community Contributor *

Re: Entering previous year bank statement

I am using Quickbooks Desktop Pro 2019. I have been trying to itemize a company credit card, it is much easier for me to do them a whole statements at a time. I do put each transaction on the "bill" and they are itemized into their correct category. Each statement is under the one "Bill" because we pay off the credit card at the end of every month when the statement is received. I do not have this account linked in my bank feeds and I need to enter a lot of older information. The way I have been doing it is by entering the bank we use as a vendor. Since we use a separate checking account to pay off the credit card I assumed vendor was the best category. I then enter each statements we receive at the end of the month as a "bill" with a corresponding payment. I am very new at the book keeping world and I just don't want to enter this much information incorrectly.  

QuickBooks Team

Re: Entering previous year bank statement

Thank for getting back to us and providing more details, York Signs.

 

I'm here to help you with your concern about entering previous year bank statement in QuickBooks Desktop.

 

The most ideal way to have your previous year transactions is through our Web Connect feature. This allows you to save time and effort in manually entering the transactions.

 

All you have to do is add the account, download your transactions from your bank's website, and upload them into QuickBooks.

 

Here's how to add a Credit Card account:

  1. Click Lists.
  2. Choose Chart of Accounts.
  3. Right-click on your mouse and choose New.
  4. Select Credit Card, then select Continue.
  5. Enter the information and click Save and close.

Next, download your transactions from your bank's website. The recommended file type is .qbo. Afterwards, you can import the transactions so they become available in your Bank Feeds:

  1. Click File.
  2. Choose Utilities.
  3. Select Import and click Web Connect Files.
  4. Select the file.
  5. Continue the prompts.

 

You can refer to this article for detailed instruction: Import web connect (.qbo) files. Then, you can match the entered bill to the newly uploaded transactions to avoid duplication.

 

If you don't want that suggestion, you still have another option.  You can set up, use, and pay credit card accounts. However, it'll take time considering you have a lot of transactions.

 

Let me know which steps you prefer by adding a comment below. I'm still here to help you more so please don't hesitate to add a comment below or mention my name. Thank you for choosing QuickBooks!

Community Contributor *

Re: Entering previous year bank statement

I have another account linked into Quickbooks this way, however the account I am hitting a wall with will not let me. The bank is not compatible with Quickbooks. I need a manual way to enter all of these transactions. 

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QuickBooks Team

Re: Entering previous year bank statement

Hello there, York Signs.

 

Thanks for getting back. Allow me to step in and continue to help you with entering previous bank statements in QuickBooks Desktop.

 

You can import the transactions through .IIF files. Check out this article to learn more: Export or import Intuit Interchange Format (.IIF) files.

 

Another option is to the enter your transactions through the batch transactions feature. This is only applicable if you are using QuickBooks Desktop Accountant or QuickBooks Desktop Enterprise.

 

You can refer to this article to learn more about this: Enter batch transactions.

 

To confirm whether your bank is compatible with QuickBooks, you can check out this article: Update the Financial Institutions Directory in QuickBooks Desktop.

 

As always, you can always reach out to our QuickBooks Care Support Team if you need assistance in doing this. They'll be able to guide you through the whole process.

 

Here's how you can contact our phone support:

  1. You can reach them by following these steps:
  2. Go to https://help.quickbooks.intuit.com/en_US/contactus.
  3. Select QuickBooks Desktop.
  4. Choose your QuickBooks for Windows version.
  5. Click Search for something else and enter a topic.
  6. Click the Get Phone Number button to see the support number.

That should do it. Please let me know if there's anything else you need, I want to make sure you're taken care of. Have a great day.