In QuickBooks there is set up a chart of accounts option for
you during the Interview. Before you start feeding transactions, be sure your
chart of accounts is complete and that it correctly represents how a business
is working.
Change account names & edit, or delete, or add accounts
to make your chart of accounts to reflect your company’s financial activity
that you have to.
Tips for you: Now, you can adjust the opening balances of
the accounts in your Chart of Accounts too. For more information, you can
adjust opening balances for balance sheet accounts”. If you have issues in doing
so then can get the help of QuickBooks Support, to better manage your chart of
accounts. Create and follow consistent account naming & numbering
conventions. For instance, some accountants like you to add a numbering scheme
to the accounts: Adding numbers could assist you recognizes the type of
accounts, in the same way speeding up your account selection on different
forms.
Company’s historical transactions
If you’ve taken a decision on to start a date which is
before today’s date, then you’ll need to enter past transactions to get complete
financial records from your starting date. Then your QuickBooks records can be
as complete as if you have started using the program on your starting date.
A. Enter all
historical transactions in the sequence: B. 1 Invoices that you’ve sent out since
your start date. C.2 Buy orders that you’ve issued since your start date that
have not been received. D. 3 Cash or cheques that you’ve received since your
start date E. 4 Bills you’ve received since your first date. F. 5 Bills that
you’ve paid for your start date. G. 6 Deposits that you’ve made to any of your
accounts since the start date. H. 7 Another cheques that you’ve written since
your start date
Enter transactions in your bank account last, because your
accounts payable and accounts receivable affect your bank account. By the time
you enter all of your historical transactions, your cheque register will be
mostly up-to-date.
■ 1100-2999 - Assets ■ 3000-3999 - Liabilities
■ 4000-4999 - Equity ■ 5000-5999 - Income
■ 6000-6999 - Expenses ■ 6000-67999 – of various income and expenses
To learn about search the help index for changing your chart
of accounts
■ Accounts, adding
■ Accounts, editing
■ Accounts, deleting
The order which you enter historical transactions is
important.
For example, QuickBooks won’t know how to credit a customer
payment unless you’ve previously recorded the invoice to that customer.
Knowing about the search and help index to enter historical transaction
Entering recent
transactions with historical ones
You don’t need to enter all your historical transactions
before start using QuickBooks. Enter recent transactions as they have occurred
so you don’t get behind.
Then grab the historical transactions whenever you can. Keep
in the view that your account balances will be off till you’ve entered all the
past transactions.
If, recent & historical transactions are correlated,
then first enter the earlier one. For instance, if you have received a payment
today for an invoice, then must have not yet entered, enter the invoice first,
& then utilize QuickBooks to record the payment. Thais way, QuickBooks
links your transactions in the right form with each other.
How to enter bank account information
If you have entered all your historical transactions, such
as chequing account or savings account, register already will contain entries
by reflecting bills that you’ve paid, also cheques that you’ve written for
other purposes, & deposits which you’ve received, but there are other
transactions which will be entered to make your account register complete:
■ Checks & payments that you created before start
date, but those weren’t cashed till after your start date for example, cheques
written a few months back but not cashed as yet.
■ Deposits that you have made before your start date, but
which didn’t appear on statements until after your start date.
■ Checks or other payments that you have made after start
dates that were not for billing & accounts.
■ Deposits that you have made after your start dates that
were not for customer payments.
■ Bank charges, and other fees, or interest paid to your
account.
If you have issues in your chart of accounts or, not
correctly representing then you can have QuickBooks Support at 1 (855) 441 4436
anytime.
