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ltaylor524
Level 1

New Quickbooks user (using desktop for Mac), taking over for former accountant. No transactions have been entered in 7 months.

I am a new Quickbooks user taking over for an entity's former accountant.  No transactions have been entered for the past 7 months.  What is the best way for me to bring accounting records to current in Quickbooks?  Also, bank accounts used for the entity changed during the year, what is the best way to account for this?

4 Comments
Rustler
Level 15

New Quickbooks user (using desktop for Mac), taking over for former accountant. No transactions have been entered in 7 months.

bank account changed, create a new one in QB, and if money moved from old to new, do that in QB too.

 

to get transactions from the bank, log in and look for a download that uses any of the following file types, that download can be imported into QB (.qbo, .qfx, .ofx). TO import, if I remember right, top right corner under update QBO is the link to import that manually downloaded file.  Of course you will still have to sit down and hope he can tell you which payments were expense or asset or loan repayments.

 

Good luck

ltaylor524
Level 1

New Quickbooks user (using desktop for Mac), taking over for former accountant. No transactions have been entered in 7 months.

Is there any use to enter all transactions in the register and match transactions to the download to really recon everything? 

MaryLurleenM
Moderator

New Quickbooks user (using desktop for Mac), taking over for former accountant. No transactions have been entered in 7 months.

You don't have to do both, ltaylor524.

 

When you do the reconciliation, you want to make sure the transactions in your bank statement is the same with what you have on your register in QuickBooks. You can also match the uncleared transactions once you're on the reconciliation window.

 

You can check this article to learn more: Reconcile bank and credit card accounts (Mac).

 

Please let me know if you have additional questions by leaving a comment below.

JenPM
Level 3

New Quickbooks user (using desktop for Mac), taking over for former accountant. No transactions have been entered in 7 months.

I agree with the replies above that say you do not have to both enter the transactions and then match them if you're doing previous months. However, there is one circumstance I can think of where entering them by hand may be beneficial. If your client is writing a bunch of  handwritten checks, you may want to add them; or at the very least pay attention to which checks haven't been deposited. He will want to make sure you enter these by hand in order to account for your outstanding checks. The bank statements that you import obviously will not have checks that have not been deposited yet. If you have any other outstanding transactions or any cash transactions, you would want to enter these by hand as well.

 

If there is a bunch of handwritten checks, also make sure to pay attention to the amounts to ensure that the amounts that the bank posted is actually the amount on the check. I have ran into wrong amounts being posted for handwritten checks multiple times. Usually the bank will catch it if you don't, but it takes them two to three months later. In the meantime, you either have an outstanding liability if they cashed it for less than they were supposed to or the bank has money that belongs to you that you are unaware of.

 

If there are no handwritten checks, then neither of these are issues and I agree with the above. If you can, keep it easy and only import the transactions so you don't have to do double the work to get caught up.

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