Hi Friends,
I wanted to know about QB transition and if you could give suggestions
Case
One of my client has taken QB Online subscription. But when I checked with the old accountant, I found out that he filed the returns on the basis of the Bank statements. After doing the Bank entries, he would sit with the Owner and directly incorporate the Adjusting entries in the Annual return without having any proper supporting of the same.
Concern
Now I have to take the company accounts forward in QB Online. So what is the best way to make the transition?
Possible Options
One of the option I feel is that I enter all the opening balances as per Last Annual return filed and go forward with the bookkeeping of the current year. The cons will be that thee will not be any proper evidence of the transactions which have happened before this year.
I am looking forward to suggestions from the community in a manner where I can make the transition smoothly.
Thanks in Advance.
