I have a couple of open invoices that received final payment in this year and the payments were done electronically to my bank account. So how do I deal with those? I did not use last year's company file.
I decided to start from scratch with my new QB, but it's things like these open invoices that are giving me a hard time. Any help will be greatly appreciated.
Todd
Your existing File would have been fine to use. Either the program worked or it didn't, and you know it worked.
If you are a Cash Basis entity, you can use Sales Receipt with the real info on it, when you know that the prior Invoice had income and perhaps Sales Taxes. You cannot use Equity for something never reported for taxes in the prior year. And you would not need to use Opening Balance Equity, if it was equity; you would use Real Equity.
If you are an Accrual Basis or Cash Basis entity, then you can still use the Real Info on an invoice dated Historically. The Payment now creates the data flow you would need for Cash Basis reporting.
The point is, using Equity pretty much bypasses the real info needed under either condition. So, the Accrual Process would be used with the Historic Date. The Cash Basis events are based on the Payment date, so that can be Sales Receipt, instead.
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