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NEW FILE UPDATE D. ITTNER 12-17-2007
Posted by D. ITTNER on December 17, 2007, 10:54 am
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 Hello

I am currently using Vista with Quickbooks pro 2003 and have created a new
2008 file .. I have imported all my chart of account WITHOUT transactions.
I need to create opening balances for the accounts like cheking, asving and
credit cards ..

Due to the large size of my 2003 file I wanted to start fresh for 2008 ..

What is the best way to show opening balances for accounts .. Deposit >
$200 > account : Misc ?

Basically I am not sure as to show the opening balance money is coming
from..

If you can assist ..Thanks



Posted by Laura on December 17, 2007, 1:12 pm
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> Hello
>
> I am currently using Vista with Quickbooks pro 2003 and have created a
> new 2008 file .. I have imported all my chart of account WITHOUT
> transactions. I need to create opening balances for the accounts like
> cheking, asving and credit cards ..
>
> Due to the large size of my 2003 file I wanted to start fresh for 2008 ..
>
> What is the best way to show opening balances for accounts .. Deposit >
> $200 > account : Misc ?
>
> Basically I am not sure as to show the opening balance money is coming
> from..
>
> If you can assist ..Thanks
>


One way to handle this is to use a detailed journal entry that reflects the
trial balance as of the last day for your old file. A perfect choice would
be 12/31/07. If you have open customer or vendor invoices, back those
details from income and expense from the Trial balance. Then create your
invoices using the original date and details from your old file. When you
are done your Trial balance for 12/31/07 in both files should match. Then
you can start entering your 2008 transactions.


Posted by D. ITTNER on December 17, 2007, 11:47 am
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When using journal entry what acct should I credit /debit

thanks


>> Hello
>>
>> I am currently using Vista with Quickbooks pro 2003 and have created a
>> new 2008 file .. I have imported all my chart of account WITHOUT
>> transactions. I need to create opening balances for the accounts like
>> cheking, asving and credit cards ..
>>
>> Due to the large size of my 2003 file I wanted to start fresh for 2008 ..
>>
>> What is the best way to show opening balances for accounts .. Deposit >
>> $200 > account : Misc ?
>>
>> Basically I am not sure as to show the opening balance money is coming
>> from..
>>
>> If you can assist ..Thanks
>>
>
>
> One way to handle this is to use a detailed journal entry that reflects
> the trial balance as of the last day for your old file. A perfect choice
> would be 12/31/07. If you have open customer or vendor invoices, back
> those details from income and expense from the Trial balance. Then create
> your invoices using the original date and details from your old file. When
> you are done your Trial balance for 12/31/07 in both files should match.
> Then you can start entering your 2008 transactions.


Posted by Laura on December 17, 2007, 2:29 pm
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The same accounts that show up on the Trial balance from the old company
file. As for the invoices it usually is easiest to enter the original Trial
balance, enter the invoices and then adjust the trial balance to match the
Trial balance from the old file.

> When using journal entry what acct should I credit /debit
>
> thanks
>
>
>>> Hello
>>>
>>> I am currently using Vista with Quickbooks pro 2003 and have created a
>>> new 2008 file .. I have imported all my chart of account WITHOUT
>>> transactions. I need to create opening balances for the accounts like
>>> cheking, asving and credit cards ..
>>>
>>> Due to the large size of my 2003 file I wanted to start fresh for 2008
>>> ..
>>>
>>> What is the best way to show opening balances for accounts .. Deposit >
>>> $200 > account : Misc ?
>>>
>>> Basically I am not sure as to show the opening balance money is coming
>>> from..
>>>
>>> If you can assist ..Thanks
>>>
>>
>>
>> One way to handle this is to use a detailed journal entry that reflects
>> the trial balance as of the last day for your old file. A perfect choice
>> would be 12/31/07. If you have open customer or vendor invoices, back
>> those details from income and expense from the Trial balance. Then create
>> your invoices using the original date and details from your old file.
>> When you are done your Trial balance for 12/31/07 in both files should
>> match. Then you can start entering your 2008 transactions.
>


Posted by Allan Martin on December 17, 2007, 6:54 pm
Please log in for more thread options

> When using journal entry what acct should I credit /debit

Debit I must call my accountant and Credit as soon as possible.



>
> thanks
>
>
>>> Hello
>>>
>>> I am currently using Vista with Quickbooks pro 2003 and have created a
>>> new 2008 file .. I have imported all my chart of account WITHOUT
>>> transactions. I need to create opening balances for the accounts like
>>> cheking, asving and credit cards ..
>>>
>>> Due to the large size of my 2003 file I wanted to start fresh for 2008
>>> ..
>>>
>>> What is the best way to show opening balances for accounts .. Deposit >
>>> $200 > account : Misc ?
>>>
>>> Basically I am not sure as to show the opening balance money is coming
>>> from..
>>>
>>> If you can assist ..Thanks
>>>
>>
>>
>> One way to handle this is to use a detailed journal entry that reflects
>> the trial balance as of the last day for your old file. A perfect choice
>> would be 12/31/07. If you have open customer or vendor invoices, back
>> those details from income and expense from the Trial balance. Then create
>> your invoices using the original date and details from your old file.
>> When you are done your Trial balance for 12/31/07 in both files should
>> match. Then you can start entering your 2008 transactions.
>


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