Question

Massive QBO cleanup

Forum|Forum|4 years ago
August 10, 2021
2 replies
17 views

I am going to start trying to clean up the books for an existing company. They have used QBO since 2015, but were just manually entering transactions for years, until a year or so ago and then began importing transactions from a checking account and a credit card. Until now, they were only using QBO to track their expenses of remodeling houses to flip. No reconciliation has ever been done. What would be the first steps to get the checking and credit card accounts to the correct place for a fresh start as of January 1 of this year? I have only ever started from the beginning of a company or come into a company that was already up to date on reconciliation.

QuickBooks Online

L

LeizylM

QuickBooks Team

Hello, Leslie at Pop Shop.

If your books are 60 days old or older, you need to cancel your account and start a new subscription.

To cancel your account:

Go to the Gear icon.
Click Account and Settings under Your Company.
Select the Billing and subscription tab.
In the QuickBooks section, select Cancel.
Follow the steps to cancel your account.

To start a new account:

Go to https://quickbooks.intuit.com/choose-country/.
Fill up the User ID and password.
You can use the same user ID and a password you previously had.

You can manually upload your checking account or credit card account to start January 1 for this year.

Also, I recommend reconciling your bank statements every month so your books are always 100% accurate. Here’s an article that provides detailed information on how to reconcile your account: Reconcile an account in QuickBooks Online.

In addition, here are some resources that you can browse to help keep your accounts accurate and up-to-date:

Keep us posted if have any other concerns or further questions about this bank reconciliation. Wishing you all the best.

L

Leslie at Pop ShopAuthor

What do I do about all the past expense numbers for each project so that the owner can look at reports to see what he has historically spent on projects in each category? It is common for projects to span more than one year.