Strategy for correcting s-corp QB initialization

Posted by Mel_3 on August 17, 2009, 11:37 am

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Your a small business and you start using QuickBooks for Accounts
Receivable, Accounts Payable, and your Cash (Checking) account...

BUT you didn't initilize it properly because you were unsure of
Shareholders equity, Loans from/to Shareholders, etc...

Will this work...

1 - Get started using QuickBooks for AR, AP, Checking, etc... call the
company you setup...MyBizQuickStart
2 - At the end of the year get your CPA to do your corporate books and
tell you the December 31 or Jan 1 status of Shareholders equity, Loans
from/to Shareholders, etc.
3 - Start a new company with this info then import the data from from
MyBizQuickStart
4 - The goal here is to get a clean start at the beginning of the
year...

A - Will this approach work?
B - Will it also import all the "structure" from MyBizQuickStart...
products, inventory, etc?
C - Will it try to import the Shareholders Equity from MyBizQuikStart

If you can't "import" into the offical Company the work around would
be to hand key all the transactions from the previous year... or just
leave the previous year as an unofficial record of your business and
start clean at the beginning of the year after you have the correct
startup numbers...

BUT then you have to re-setup the structure of your business in
Quickbooks... Your vendors, customers, products, bank, employee's,
sales commissions, etc... that's a pain!

Thanks for any help.

Posted by Haskel LaPort on August 17, 2009, 12:14 pm

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Stop being a jerk. Get your CPA in on day one and have him/her help you set
it up the first time correctly. Judging from your post setting up the
company will be a small fraction of your problems.

> Your a small business and you start using QuickBooks for Accounts

> Receivable, Accounts Payable, and your Cash (Checking) account...

> BUT you didn't initilize it properly because you were unsure of

> Shareholders equity, Loans from/to Shareholders, etc...

> Will this work...

> 1 - Get started using QuickBooks for AR, AP, Checking, etc... call the

> company you setup...MyBizQuickStart

> 2 - At the end of the year get your CPA to do your corporate books and

> tell you the December 31 or Jan 1 status of Shareholders equity, Loans

> from/to Shareholders, etc.

> 3 - Start a new company with this info then import the data from from

> MyBizQuickStart

> 4 - The goal here is to get a clean start at the beginning of the

> year...

> A - Will this approach work?

> B - Will it also import all the "structure" from MyBizQuickStart...

> products, inventory, etc?

> C - Will it try to import the Shareholders Equity from MyBizQuikStart

> If you can't "import" into the offical Company the work around would

> be to hand key all the transactions from the previous year... or just

> leave the previous year as an unofficial record of your business and

> start clean at the beginning of the year after you have the correct

> startup numbers...

> BUT then you have to re-setup the structure of your business in

> Quickbooks... Your vendors, customers, products, bank, employee's,

> sales commissions, etc... that's a pain!

> Thanks for any help.

Strategy for correcting s-corp QB initialization - Will it work