![]() ![]() ![]() If you didn’t keep copies, you can sheepishly ask your customers for copies of the invoices they haven’t paid or simply create invoices in QuickBooks to match the payments you receive. If customers owe you money, pull the paper copy of every unpaid invoice or statement out of your filing cabinet so you can give QuickBooks what it needs to calculate your Accounts Receivable balance. Your tax return also shows your federal tax ID number, which you’ll need, too.Ĭustomer balances. In cases like that, go with the next start-date option.įor Subchapter C corporations, Subchapter S corporations, and partnerships, the balance sheet that you included with your previous year’s tax return is a great starting point for account balances. (Intuit releases new versions of QuickBooks in October or November each year for just that reason.) But waiting until next year isn’t always an option. If more than half of the year has already passed, the best approach is to be patient and postpone your QuickBooks setup until the next fiscal year. And you’ll regain those hours when tax time rolls around, as you nimbly generate the reports you need to complete your tax returns. Yes, you have to enter checks, credit card charges, invoices, payments, and other transactions that happened since the beginning of the year, but that won’t take as much time as you think. That way, the account balances on your start date are like the ending balances on a bank statement, and you’re ready to start bookkeeping fresh on the first day of the fiscal year. Choose the last day of your company’s previous fiscal year as the company file start date. The best choice is to fill in your records for the entire year. The last day of the previous fiscal year. Finally, you’ll learn how to open a company file, update one to a new version of QuickBooks, and modify basic company information. You’ll also learn how to create a company file from an existing file and what information QuickBooks transfers over. Then, if you need to create your own company file, you’ll learn how to use the QuickBooks Setup dialog box and the EasyStep Interview to get started (and find out which other chapters explain how to finish the job). This chapter starts by explaining how to launch your copy of QuickBooks. QuickBooks 2012 also lets you create a new company file from an existing one. For example, if you’ve worked with an accountant to set up your company, she might provide you with a QuickBooks company file already configured for your business so you can hit the ground running. Another approach is to use a file that someone else created. To get started, you can create a company file from scratch or convert records previously kept in a small-business accounting program or Quicken. A company file is where you store your company’s financial records in QuickBooks, so it’s the first thing you need to work on in the program. ![]()
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