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Wally26
Level 1

start a new company

I just started a new company as of 1/1/2021 in QB Desktop. I want to enter the company's 12/31/2020 trial balance and then make the 12/31/2020 adjusting entries as of 12/31 2020. I want to then close the 2020 year end that will be carried over to 12/31/2021. Can I do this?

Solved
Best answer August 17, 2021

Best Answers
AileneA
QuickBooks Team

start a new company

Hi there, Wally26. 

 

Thank you for reaching out to the Community. At the end of the year, QuickBooks automatically move the money/pr to Retained Earnings account via electronic swap. This account will show the total of your company's income and expenses from all previous years. 

 

You'll have to create a journal entry to enter the transaction from 2020. Take note that this process can be tricky if you're not familiar with accounting. You may need to consult your accountant to be guided in transferring the amounts. 

 

In addition, here are some resources that you read to learn how to prevent changes to past books in QuickBooks Desktop:

 

 

Keep me posted if you have any other questions. I'm always here to help however I can. Have a great day and stay safe!

View solution in original post

Fiat Lux - ASIA
Level 15

start a new company

@Wally26 

You may prepare the trial balance data as journal entries and utilize an importer tool

https://transactionpro.grsm.io/qbd

https://partners.saasant.com/affiliate/idevaffiliate.php?id=5051_2

 

 

View solution in original post

2 Comments 2
AileneA
QuickBooks Team

start a new company

Hi there, Wally26. 

 

Thank you for reaching out to the Community. At the end of the year, QuickBooks automatically move the money/pr to Retained Earnings account via electronic swap. This account will show the total of your company's income and expenses from all previous years. 

 

You'll have to create a journal entry to enter the transaction from 2020. Take note that this process can be tricky if you're not familiar with accounting. You may need to consult your accountant to be guided in transferring the amounts. 

 

In addition, here are some resources that you read to learn how to prevent changes to past books in QuickBooks Desktop:

 

 

Keep me posted if you have any other questions. I'm always here to help however I can. Have a great day and stay safe!

View solution in original post

Fiat Lux - ASIA
Level 15

start a new company

@Wally26 

You may prepare the trial balance data as journal entries and utilize an importer tool

https://transactionpro.grsm.io/qbd

https://partners.saasant.com/affiliate/idevaffiliate.php?id=5051_2

 

 

View solution in original post

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