I am trying to set up QB after several months of being in business. When I connected my checking account, it uploaded all of my bank transactions. I checked each transaction that has run through my bank against the transactions that uploaded in QB to ensure everything is there. I did this literally transaction by transaction to ensure accuracy. Its all there. I made sure they were put in the proper account (ie category: Utilities Vendor: GA Power Now, do I need to go back and add a bill for GA Power, or will my vendor accounts just be correct for each months P&L (accrual basis) because I included GA Power as the vendor and put it in the right category? Is it necessary to enter a bill for it when it is historical now and been matched with the bank transaction? If I enter it as a bill, I wouldn't want to pay it because it was a bank debit since we pay everything online rather than writing a check. Thanks in advance!
Thanks so much! I was just reading about how to switch from cash basis to accrual in QB which lends me to ask..... Since we are talking about 20 months of transactions, entering every bill would be very time consuming. So if I leave it as cash basis say up to the beginning of 2019, can I just enter the bills starting at 2019 and run it on the accrual basis from there? Also, we have some bills (ie garbage, water) that were paid on a credit card. The monthly payment to the credit card was shown as an expense to the credit card company (Citi Bank) and matched with the bank transaction. But I have not entered the garbage bill and the amount due in QB. How do I handle those on cash basis? Accrual basis? As it is now if I pull up GA Power, it doesn't reflect any payments made on the credit card of course. But the Citi Bank account shows the monthly payments made to it. What I am aiming at is an attempt at creating a monthly P&L that better reflects the company moving forward. I realize it will reflect different stories from cash basis versus accrual. But I would like it to be reflective of accrual going forward.