Closing/deleting prior years

khalidhajsaleh · ‎May 18, 2022

This might be a silly question to ask but I am hoping someone can provide guidance.

Our business has been operating since 2010. We used different accounting software and then added QB in 2012.

So, we had two systems going (not a smart idea).We mainly used QB for billing purposes and did not record any expenses in it.

In 2016, we switched everything to QB. All transactions are recorded accurately starting from Jan 2016. The problem I have is with the lack of entries from 2012, 2013, 2014, and 2015. Several ledger accounts are not accurate.

- No expenses are recorded

- Our account receivables show a balance

- owner contribution not recorded.

I don’t care for these years, but that data from them is impacting our reporting in 2022.

Is there a way to remove the data from these years or do we have to go back and input all the data into QB?

Rustler · ‎May 18, 2022

QB does not have an archive utility so you can not remove the problem years easily. You would have to go back in time and delete each entry. That will affect the current balances in balance sheet accounts, so you will have to be satisfied with an adjusting entry to bring them up to current values.

Or go back in time and enter all missing transactions