Created with Sketch.Learn about PPP and Loan Forgiveness, stay informed with the latest changes.
Created with Sketch.Need help with 1099's or other Year End topics? Visit our Year End Resources page.
Created with Sketch.New to QuickBooks or using a new product? Visit our Get Started resource page to help you get going.
Created with Sketch.Need to make changes to your account? Visit the Account Manager Portal.
cancel
Showing results for 
Search instead for 
Did you mean: 
Anonymous
Not applicable

We are converting to Quickbooks beginning Jan 1. Can we just put the the beginning Cash balance to be able to write checks and input the other beginning balances later?

 
Solved
Best answer December 21, 2018

Best Answers
Anonymous
Not applicable

We are converting to Quickbooks beginning Jan 1. Can we just put the the beginning Cash balance to be able to write checks and input the other beginning balances later?

Level 11

We are converting to Quickbooks beginning Jan 1. Can we just put the the beginning Cash balance to be able to write checks and input the other beginning balances later?

 

If you want beginning balance on Jan 1, use Dec 31st transaction date (that becomes the correct opening balance on Jan 1).

If you use Jan 1 opening balance with Jan 1 transaction date, it actually shows up as ending balance on Jan 1st in QuickBooks.

View solution in original post

11 Comments
Anonymous
Not applicable

We are converting to Quickbooks beginning Jan 1. Can we just put the the beginning Cash balance to be able to write checks and input the other beginning balances later?

Yes, that's fine with QB.

Anonymous
Not applicable

We are converting to Quickbooks beginning Jan 1. Can we just put the the beginning Cash balance to be able to write checks and input the other beginning balances later?

Level 11

We are converting to Quickbooks beginning Jan 1. Can we just put the the beginning Cash balance to be able to write checks and input the other beginning balances later?

 

If you want beginning balance on Jan 1, use Dec 31st transaction date (that becomes the correct opening balance on Jan 1).

If you use Jan 1 opening balance with Jan 1 transaction date, it actually shows up as ending balance on Jan 1st in QuickBooks.

View solution in original post

Anonymous
Not applicable

We are converting to Quickbooks beginning Jan 1. Can we just put the the beginning Cash balance to be able to write checks and input the other beginning balances later?

Thank you!

Level 1

We are converting to Quickbooks beginning Jan 1. Can we just put the the beginning Cash balance to be able to write checks and input the other beginning balances later?

Hi. So I am starting to use QuickBooks for the first time for my company. I have bank transactions that go back to the end of September. Do I need to enter all of those transactions into QuickBooks or can I just enter the beginning bank balance (November 30th ending bank balance on bank statement) for my accounts and start recording transactions that come in afterwards?

QuickBooks Team

We are converting to Quickbooks beginning Jan 1. Can we just put the the beginning Cash balance to be able to write checks and input the other beginning balances later?

Hi there, @LuisArcheinAero.


Welcome and thank you for giving us the opportunity to help you manage your business.


Since it’s your first time with QuickBooks, it will be much easier for you to enter the beginning balance when setting up your Chart of Accounts (COA). This way, you won’t have to record all your previous transactions manually.


To start with, create your accounts and enter the ending balance showing on the bank statement as the beginning balance. Here’s how:
1.    Go to Accounting from the left pane and select Chart of Accounts.
2.    Click on the green New button.
3.    Select an Accounts Type and  Detail Type.
4.    In the Name field, enter the account name.
5.    Enter the ending balance of the account on the Balance field as the beginning balance.
6.    Hit Save and New to create other accounts.

 

 


For more information, you may check out this article: How to create a new parent account or sub-account


Once done setting up your COA, you’re now ready to enter new transactions. Here’s a link that will give you resources for getting started with QuickBooks Online: https://quickbooks.intuit.com/community/Getting-started-with-QuickBooks/tkb-p/GettingStartedwithQuic....


I’m also sharing these helpful QuickBooks tutorial videos for your reference: https://quickbooks.intuit.com/tutorials/.


That’s it. Please let me know if you have further questions about QuickBooks. I’ll be here to answer them all for you. Wishing you and your business continued success!
 

Level 1

We are converting to Quickbooks beginning Jan 1. Can we just put the the beginning Cash balance to be able to write checks and input the other beginning balances later?

Hi,

 

Once I add fixed assets to the fixed asset list, what else do I need to do afterwards. For example, I added two vehicles to the vehicle asset account but via the fixed asset list, but it does not reflect on my COA. What step am I missing?

 

Thank you,

 

Luis

QuickBooks Team

We are converting to Quickbooks beginning Jan 1. Can we just put the the beginning Cash balance to be able to write checks and input the other beginning balances later?

Hi there, LuisArcheinAero.

 

Thanks for getting back and providing more details.

 

You must be using the Fixed Asset Manager in QuickBooks Desktop. We have experts that have the tools to help you set up your accounts. To do this, I recommend you call our hotline.

 

Here's how:

  1. Visit this link: https://help.quickbooks.intuit.com/en_US/contactus.
  2. Select QuickBooks Desktop.
  3. Choose your QuickBooks for Windows version.
  4. Select the issue/topic.
  5. Click the Get Phone Number button to see the support number.

For additional insight, you can check the articles:

Keep me posted on how the call goes or if you have follow up questions about fixed assets. I'll be around to help you. Have a good one.

Level 1

We are converting to Quickbooks beginning Jan 1. Can we just put the the beginning Cash balance to be able to write checks and input the other beginning balances later?

Would it be the same off QuickBooks Premier Desktop 2019?

 

So basically I have already added my vehicles to the fixed asset list. Now, how do I get it to show up on my chart of accounts to reflect on the balance sheet. 

QuickBooks Team

We are converting to Quickbooks beginning Jan 1. Can we just put the the beginning Cash balance to be able to write checks and input the other beginning balances later?

Thank you for confirming that you're using the QuickBooks Desktop, LuisArcheinAero.

 

Since Fixed Asset Manager is an add-on feature, we advise calling our customer care team. They have the tools to help you properly set up your account and get the added vehicles to show up on your Chart of Accounts.

 

Please refer to the steps added above on how to get their contact number.

 

Keep me posted on how it goes. I'd like to ensure that this is taken care of. Wishing you all the best!

 

 

Level 11

We are converting to Quickbooks beginning Jan 1. Can we just put the the beginning Cash balance to be able to write checks and input the other beginning balances later?

@LuisArcheinAero

 

"So basically I have already added my vehicles to the fixed asset list. Now, how do I get it to show up on my chart of accounts to reflect on the balance sheet."

 

The "Fixed Asset Item List" in QuickBooks desktop is a non-posting type so whatever data you've entered in the FA list will not post to the asset register. This is only for tracking fixed asset items in QuickBooks. You will still need to record a fixed asset purchase in QuickBooks. This also applies to record opening balance for fixed assets account. If you've already created a Fixed Asset account, you will need to go back, edit the account and enter opening balance amount. This amount should tally with the Fixed Assets Item List run you have.

Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up

Need to get in touch?

Contact us