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QuickBooks Start Up Numbers And Setting Up Beginning Balance
Rating: 4.6 out of 5(13 ratings)
972 students

QuickBooks Start Up Numbers And Setting Up Beginning Balance

How To Set Up QuickBooks With Accurate Starting Numbers In Each Are Of Data For Desktop And QuickBooks Online
Created byMark Smolen
Last updated 3/2022
English

What you'll learn

  • How to Determine The Correct Starting Balances Of Your Accounts When You Begin Using QuickBooks
  • How to Find The Opening Balances Of The Chart Of Accounts Or The General Ledger As Of The QuickBooks Start Date
  • How To Set Up A Company In QuickBooks Desktop Or Online
  • How To Input The Starting Balances In A QuickBooks File Or QuickBooks Online Account
  • Techniques And Methods Of Setting Up And Transferring Over To A New Accounting System
  • How To Input Starting Balances Of Your Customers
  • How To Input Opening Balances In Accounts Receivable
  • How To Input Starting Balances Of Your Service Vendors
  • How To Input Opening Balances In Accounts Payable
  • How To Input Starting Quantity Of Merchandise Inventory
  • How To Set Up Starting Balances In Sales Tax Payable
  • Anyone Who Wants To Know How To Make The Opening Balance Equity Adjustment

Course content

2 sections • 10 lectures • 1h 35m total length

  • Introduction And Overview To The Changing Systems Course1:38

    This is a quick preperation for the course. It will stress very important points you must be mindful of

  • Changing Systems With A Simple Company11:24

    This learn accounting video will show you how to make a “fresh start” in a new system if the company that is transferring is a simple company with no subsidiary or peripheral areas of data. It will explain how things must be put in to the new QuickBooks file or new accounting system and it will explain the “main set up” journal entry.

  • Concepts Of Setting Up Receivables And Payables11:10

    This learn accounting video will show you the ideas of setting up accounts receivable and setting up accounts payable in a new accounting system where you are making a fresh start. You will see that entering only the currently relevant transactions for receivables and payables will still leave balances in the income and expense accounts as well as the bank account. These are the numbers you will subtract to find the amounts of the main set up journal entry.

  • Details Of Setting Up A/R and A/P12:11

    This learn accounting video will show you the ideas of setting up accounts receivable and setting up accounts payable in a new accounting system where you are making a fresh start. You will see that entering only the currently relevant transactions for receivables and payables will still leave balances in the income and expense accounts as well as the bank account. These are the numbers you will subtract to find the amounts of the main set up journal entry.

  • Data Entry For Accurate Set Up Of Open Invoices And Unpaid Bills9:30

    This learn accounting shows exactly what data entry to do, to set up receivables and payables. Inputting the exact transactions for customers is necessary to have a correct open invoice report as of the transfer date. Vendor transactions must be input with the same thing in mind regarding finishing with the correct unpaid bills report.

  • Preparing Undeposited Funds In The New System14:37

    This learn accounting shows exactly what data entry to do, to set up the undeposited funds account, so it will have everything ready for the very first bank deposit when using the new system. Sales receipts should be input and delt with in the way we learned in the prior videos. You will learn how to make sure that the set-up of undeposited funds fits perfectly with the rest of the accounting system set up.

  • Undeposited Payments To Closed Invoices10:40

    This learn accounting shows exactly what data entry to do, to set up the undeposited funds account if you have checks, cash, or credit card swipes from customers in undeposited funds on the transfer date but were applied to invoices that were closed as of the set up transfer date. This is a specific condition that involves a “work around” and creating a dummy customer.

  • Transfering Inventory Quantity Records12:36

    This learn accounting shows exactly what steps are necessary to set up merchandise inventory on a new system with a fresh start. You must make an inventory adjustment instead of transaction. The balancing adjustment account is an equity account like opening balance equity. This is demonstrated in QuickBooks desktop and QuickBooks online.

  • Preparing Sales Tax Numbers In The New Accounting System10:15

Requirements

  • Very Basic Accounting
  • Common Sense Bookkeeping And Record Keeping Ideas
  • Very Basic Computer Skills

Description

This revolutionary new QuickBooks course is for people who need to input opening balances in to their new QuickBooks File or new QuickBooks online account. You will follow these methods when changing accounting systems in order to get the accurate start-up numbers in the new system or new QuickBooks file or account. You must follow these instructions and then you can see when and how to make the opening balance journal entry. This set up journal entry that establishes beginning balancesand will  come after all other QuickBooks areas of data have been input accurately for accurate start up balances in each area. When you have either a new QuickBooks file or new QuickBooks online account,  it will have correct start-up numbers and you will be able to reconcile and have correct numbers from the declared start date until today.

Each QuickBooks lesson in this playlist shows how to set up beginning balances for each area of QuickBooks desktop and QuickBooks Online: Accounts receivable, Accounts payable, merchandise inventory quantity and the correct amount of sales tax payable at the moment you start your new QuickBooks desktop file, or new account for QuickBooks Online.

All of these areas must have their starting balances put in before the opening balances in the chart of accounts can be recorded twith the opening balance equity adjustment. Most people know there is a balancing journal entry to opening balance equity. This great quickbooks set-up/start-up course  will show you how to set up the starting balances in each area and the beginning balances in the chart of accounts. This way, you can have accurate numbers going forward in your new accounting system or file.


Everyone who begins using QuickBooks after they have already been doing busines swill need this knowledge if they do not want to pay an accountant an arm and a leg to set them up on QuickBooks or QuickBooks online.


I answer all question very Quickly andI am happy to help.


-Mark


Who this course is for:

  • Anyone Changing From 1 Accounting System To Another
  • Anyone Who Needs To Know The Methods And Techniques For Setting Up A New Accounting System
  • Anyone Who Needs To Make A Fresh Start In A New QuickBooks File
  • Anyone Who Wants To Start The Advanced Level Of QuickBooks Online With The Correct Numbers
  • Anyone Who Needs To Prove That The Starting Balances In Each Area Of QuickBooks Are Correct As Of The QuickBooks Start Date
  • Any Who Has Starting Balances And Beginning Numbers To Set Up In Accounts Receivable And Accounts Payable
  • Anyone Who Has To Set Up A Sales Tax Payable Balance In QuickBooks Desktop Or QuickBooks Online
  • Anyone Who Needs To Track Inventory Quantities And Have Accurate Quantities On Hand As Of The QuickBooks Start Date
  • Anyone Who Wants To Learn How To Make The Opening Balance Equity Adjustment When Setting Up A Company On A Start Date

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