|
Posted by QBConsultant on February 23, 2008, 11:07 pm
Please log in for more thread options > I want to start with 2007. I recorded all deposits (from all 2007 invoices=
)
> and checks written from that time until now. I really just want the
> undeposited funds to go away and never return? When I receive an invoice a=
s
> paid that's it. I then make all banking register entries from the monthly
> bank statements the assoc sends me. Can I do this?
> Thanks
> Frank
>
>
>
> > Hi-QBks 2008 Pro-I inherited a POA's books. All is fine EXCEPT pymt was
> > rec'd on all invoices but never deposited (in the program only, not in
> > reality) Now they have decided they want to track banking, etc. The
> > invoices
> > date back to 11/2005. Is their any way to rectify this so the program ca=
n
> > track everything properly.
> > I gues my next question would be The best way to start from scratch?
> > Although thenm their would be no history. Although history only gos back=
> > to
> > 11/2005?
> > Sorry if my questions are not clear, I am trying to explain as best I ca=
n.
> > Thanks so Much
> > Frank
>
> Before you decide to start from scratch, here is something to try.
>
> If they have everything in undeposited funds, then It sounds like they
> have never reconciled the bank account? =A0First, make a back up copy of
> the file. =A0Then, go to record deposits, select all, and make one
> deposit for all the undeposited funds. =A0Then, you'll need to reconcile
> the bank account. =A0So, 'select all' to mark everything as having
> cleared the bank. =A0Then go back and unmark/uncheck any outstanding
> checks or deposits. =A0How large is the bank rec difference? =A0Was there
> bank service charges for the past 2 years and could this account for
> the difference? =A0(If so, make a JE to record estimated bank service
> charges for the past 2 years). =A0Can you live with the difference? =A0(If=
> so, you can let QB make an adustment. =A0However, you should then go in
> and edit the JE that QB made and change the account from
> 'reconciliation discrepancies' to bank svc charges or misc exp or
> something.
>
> If the bank rec is too far off, then you need to decide if you want to
> go back and reconcile monthly or quarterly or not? =A0If not and you
> decide to start with a fresh file, you can export/import the lists to
> save time in setting up the new file.
>
> Good luck!
>
> Michelle L. Long, CPA, MBA
> Author of: Successful QuickBooks Consulting: The Complete Guide to
> Starting and Growing a QuickBooks Consulting Businesshttp://www.Successful=
QuickBooksConsulting.comhttp://www.amazon.com/Successful-QuickBooks-Consulti=
ng-Comprehensive-...
It depends. It sounds like you received payments and it went into
undeposited funds. Then, you made a deposit for the same payment?
When you made the deposit, what 'from account' or what was the other
side of the entry?
When you 'receive payments' it updates accounts payable and 'marks'
the invoice as paid. You can change the default so that it doesn't go
into undeposited funds by going through edit, preferences, sales and
customers, and unchecking that box on the bottom right corner for use
undeposited funds. However, if the deposits include more than one
check that need to be added together to get the total deposit amount
you probably should be using undeposited funds.
It sounds like you need to do some research to see if accounts
receivable is correct or not, have sales been recorded twice (with the
invoice and the deposit), etc. When you understand what exactly has
happened, then you'll be in a better position to figure out how to fix
it.
Michelle L. Long, CPA, MBA
Author of: Successful QuickBooks Consulting: The Complete Guide to
Starting and Growing a QuickBooks Consulting Business
http://www.SuccessfulQuickBooksConsulting.com
http://www.amazon.com/Successful-QuickBooks-Consulting-Comprehensive-Startin=
g/dp/1434810690
| 
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap