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EngrRandz
Level 1

Existing Job from previous years

Hi!

 

Currently our establishment is working with existing contracts from past 2 years (long term contract). Progress invoices were submitted and many expense transactions were made. Now we were starting to track all income and expenses using quickbooks but from this fiscal year only. The management don't care about the expenses from previous year since they want to start over again with this accounting system fresh as new and want to carry over the balance amounts paid from previous invoices to this year. While doing so, we want also to see the statement of account for each customers along with our invoices to them.

 

How can we do this?

 

Hope someone can help.

 

Thanks!

Solved
Best answer April 22, 2021

Best Answers
AlexV
QuickBooks Team

Existing Job from previous years

Hello EngrRandz!

 

Thanks for the reply. Let me show you how to enter the balance amounts and start a new company on QuickBooks Desktop.

 

After setting up your QuickBooks Desktop company file, we can now enter the data. For the previous transactions, we can record them individually or by lump sum. Just make sure to enter them chronologically, in the same order they were created or received.

 

For the outstanding balances, it's best to create individual unpaid invoices or bills for easier tracking. We can customer statements as long as we've recorded the transactions.

 

Additionally, I suggest checking this link: Enter opening balances for accounts in QuickBooks Desktop. These will discuss more on how to enter your historical data in QuickBooks Desktop.

 

Need more assistance? Comment again here and we'll help you. Take care!

View solution in original post

3 Comments 3
Catherine_B
QuickBooks Team

Existing Job from previous years

Hello there, EngrRandz.

 

I'd like to verify if you're trying to start over from an existing company file or a new one? Any additional information on how you'd start over with your company is much appreciated. It will also help me give you the correct steps o how to generate reports based on the invoices you'll carry over. 

 

Just keep me posted and I'll be here to sort things out with you. Take care!

EngrRandz
Level 1

Existing Job from previous years

Hi Catherine,

 

We'll be starting with a new file since from previous years we are only using excel to track everything.

The thing is we only want the previous invoices to reflect on the new file while keeping the account in balance  and we don't actually want to input all expenses from previous years in detail (maybe a total of all expenses will be enough) since all detailed expenditures were in our excel file.

 

We think of this setup because we are doing progress invoicing and we need to submit a statement of account to the client at the end of the project.

AlexV
QuickBooks Team

Existing Job from previous years

Hello EngrRandz!

 

Thanks for the reply. Let me show you how to enter the balance amounts and start a new company on QuickBooks Desktop.

 

After setting up your QuickBooks Desktop company file, we can now enter the data. For the previous transactions, we can record them individually or by lump sum. Just make sure to enter them chronologically, in the same order they were created or received.

 

For the outstanding balances, it's best to create individual unpaid invoices or bills for easier tracking. We can customer statements as long as we've recorded the transactions.

 

Additionally, I suggest checking this link: Enter opening balances for accounts in QuickBooks Desktop. These will discuss more on how to enter your historical data in QuickBooks Desktop.

 

Need more assistance? Comment again here and we'll help you. Take care!

View solution in original post

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