I am starting a new company in QB2020 on 1/1/21. can I journalize the 12/31/2020 trial balance and a

Wally26 · ‎August 16, 2021

I want to start a new company on 1/1/2021 in QB 2020. Can I journalize the 12/31 2020 trial balance and then make the year end adjusting journal entries. to begin the 1/1/2021 general ledger? If yes, can I make these entries as of 12/31/2020 and then automatically reverse certain of those 12/31/2020 AJE on 1/1/2021 or do I make the trial balance and year end AJE entries and then AJE the reversals on 1/1/2021?

Rustler · ‎August 17, 2021

Starting a new company means starting a new company file, you can not legally run two companies financials in one file.

So there is nothing to carry forward. You take what you need to out of one company, and put in another company as owner equity investment (usually)

Wally26 · ‎August 18, 2021

I understand thanks. This is not a new company only a new company as far as QB is concerned. I wanted to have a record in QB of the prior year close in real time.

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I am starting a new company in QB2020 on 1/1/21. can I journalize the 12/31/2020 trial balance and a

I am starting a new company in QB2020 on 1/1/21. can I journalize the 12/31/2020 trial balance and a

I am starting a new company in QB2020 on 1/1/21. can I journalize the 12/31/2020 trial balance and a

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