Carrying over Accounts Payable from previous Fiscal Year

TAConsulting · ‎October 23, 2020

I am helping a company set up their books. They transitioned from SAGE to QB Desktop. Their fiscal year is July 1- June 30. They have APs coming into their new fiscal year, but the expenses were booked in the previous fiscal year. The expenses were paid yet as those expenses were put on a CC and the statement didn't come until the new fiscal year. If I create bills under each of the vendors owed and put the bill date for June 29, and then apply the CC charge on the statement, will it show those bills as new expenses? Meaning they'll be booked in 2020 and 2021 since the company transitioned software. Thanks T

MaryJoyD · ‎October 23, 2020

I can share some insights for a smooth transition, @TAConsulting.

Yes, you can record the bills and expenses for this fiscal year to include it in your reports.

It's also best to consult an accountant or tax advisor to get advised on how to handle your books. This is to ensure that your books in the previous and current fiscal years are accurate after the transition.

Here's more information on how to fiscal year in QuickBooks Desktop:

Click the Company menu and proceed to My Company.
In the COMPANY INFORMATION box, click the edit (pencil) icon.
Go to the Report Information tab.
Set up the Fiscal Year.
Click OK to save the information.

Check this QuickBooks year-end guide article for more information about this.

If you have more questions about your bills and expenses, just click the Reply button below. Have a good one!

View solution in original post

MaryJoyD · ‎October 23, 2020

I can share some insights for a smooth transition, @TAConsulting.

Yes, you can record the bills and expenses for this fiscal year to include it in your reports.

It's also best to consult an accountant or tax advisor to get advised on how to handle your books. This is to ensure that your books in the previous and current fiscal years are accurate after the transition.

Here's more information on how to fiscal year in QuickBooks Desktop:

Click the Company menu and proceed to My Company.
In the COMPANY INFORMATION box, click the edit (pencil) icon.
Go to the Report Information tab.
Set up the Fiscal Year.
Click OK to save the information.

Check this QuickBooks year-end guide article for more information about this.

If you have more questions about your bills and expenses, just click the Reply button below. Have a good one!

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