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Hi again... just got setup up with QBO Plus... thanks for your assistance with the initial set of questions. I tried to use the online conversation but it felt like I was being replied to by a robot... (literally)... and couldn't find where I could start a new thread... so I apologize for continuing in this one... only choice at this point.

 

I have now downloaded over 400 videos from various sources and already feel that I am ahead of where I have been for over a decade! There are however a few things I have not been able to find, either in video or in your Help files, to help me with my specific, initial setup.

 

  • I am going to be using the bank connection to our business account. I feel comfortable with setting that up and will be starting with Jan 1st, our startup date each year. 
    • Is this correct?

 

  • I don’t know whether to also include downloads from our credit card though (joint business and personal). To date I have been using just the one card for all transactions as not all business charges can be charged out at 100%… i.e…. we are a home based business who can claim 36% of an expense (ie. simple repairs or supplies), so with those I do the calculations in a spreadsheet and pay that portion through the business account with the remainder paid through the personal account. 
    • Should I continue doing it this way and not auto feed the credit card data to QBO?

 

  • I am still trying to find a clear method of entering Accounts Receivables from MWG year end to QBO for startup. I have 3 such A/Rs to enter. I have found various suggestions ranging from entering the AR amount in the customers “Balance” when I set up the customer, to, entering a new invoice for that customer… however… that amount will already have been claimed as revenue last year and I don’t want to have it considered a revenue again this year. Of the three A/R items, one is a full invoice amount, one is a partial payment owing, and one will be a Contra against purchases from a client who is both a customer and a vendor with us.
    • What is the best method for entering Opening Balances? I have found several Help files here at QB Canada but none seem to show exactly how to best enter the outstanding A/R amounts. Can I just enter the amounts in the Starting Balance in the Customer setup? What do I do with the Contra A/R?

 

I appreciate any assistance/links you can provide to help me get my initial setup done correctly.