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Join nowHELP! I'm new to a company where the old accountant was let go due to incompetent skills. The first 9 months of the year are in a different software. Before I came on (11/27), the accounting clerk decided to set up and start using QBO. She has set up beginning balances in inventory (that's all) and started make sales transactions and paying invoices. As such, my retained earnings account already has a balance. IMO, they should have input 12/31/2022 balances and then re-created the whole year in QBO and then continued. This didn't happen so what is my next best step? They DO NOT want to use the old system so I know I will have to re-create the whole nine months in QBO, but what should I do about the beginning balances?
Thanks for any help and any suggestions - what a mess...
Which software did they use before QBO? You may consider purchase a 3rd party conversion service.
Great Plains - it stinks...
We can introduce you to a service provider to convert data from Great Plains to QBO. Contact me in private for details.
You need to start by reconciling the current QBO data. Then, consult with stakeholders to decide on adjusting entries for the retained earnings and re-inputting transactions from the old system into QBO.
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